Past performance is not a reliable indicator of future performance.
Strategy
Emerging Markets Bond
The Emerging Markets Bond Composite seeks current income and capital appreciation primarily through investment in fixed income securities issued by emerging nations. The strategy may invest in low rated bonds, including those in default, when market conditions warrant. Absolute weightings in the Emerging Markets Bond Composite will generally be higher in the larger markets of Brazil, Mexico, and Russia than absolute weightings in the Emerging Markets Diversified Bond Composite.
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
0.35%
3.09%
Data as of 30-Sep-2020
Data as of 30-Sep-2020
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
-0.06%
-0.04
Data as of 30-Sep-2020
Data as of 30-Sep-2020
Inception Date 31-Dec-1995
Performance figures calculated in USD
Other Literature
- This product's strategy also available as
- a SICAV
Strategy
Investment Approach
- Focus primarily on sovereign debt, with smaller strategic allocations to corporate and local currency debt.
- Integrate proprietary credit research and relative value analysis.
- Establish independent credit rating at the country and corporate issuer level.
- Add value through active country allocation and individual security selection decisions.
- Limit risk through diversification.
- Employ long-term investment horizon.
Portfolio Construction
- Diversified portfolio structure: typically 400-500 securities
- Duration bands: managed within +/- 1 year of the benchmark
- Average credit quality: BB
- Country exposure will range between 0% and a max of 10% over the benchmark
- Expected tracking error should range between 200-400 bps
Performance
Emerging Markets Bond Composite
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 0.44% | 0.85% | 5.90% | 5.03% |
| Composite Net % | -0.06% | 0.35% | 5.37% | 4.51% |
| Benchmark % | 2.47% | 3.27% | 6.03% | 5.21% |
| Excess Return (Gross) % | -2.03% | -2.42% | -0.13% | -0.18% |
Recent Performance
| 3 MonthsData as of 30-Sep-2020 | Year to DateData as of 30-Sep-2020 | |
|---|---|---|
| Composite Gross % | 3.00% | -2.53% |
| Composite Net % | 2.87% | -2.90% |
| Benchmark % | 2.28% | 0.37% |
| Excess Return (Gross) % | 0.72% | -2.90% |
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
J.P. Morgan Emerging Markets Bond Index Global %
Holdings
Holdings
Total
Holdings
461
Largest Holding
Petroleos Mexicanos
3.02%
Was
(30-Jun-2020) 2.96%
Top 10 Holdings 19.74%
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | BB | A |
| By % | 13.18% | -13.01% |
| Portfolio | 28.68% | 6.41% |
| Benchmark | 15.50% | 19.42% |
Average Credit Quality
BBMaturity View maturity analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Maturity | 5-7 Years | 3-5 Years |
| By % | 5.91% | -6.26% |
| Portfolio | 19.90% | 8.51% |
| Benchmark | 13.99% | 14.77% |
Weighted Average Maturity
12.89 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | 5-7 Years | 1-3 Years |
| By % | 3.67% | -10.31% |
| Portfolio | 21.50% | 4.27% |
| Benchmark | 17.83% | 14.58% |
Weighted Average Duration
8.14 YearsRegions
Total
Regions
5
Largest Region Latin America 39.97%
Was (30-Jun-2020)
40.79%
Other
View complete Region Diversification
Largest Overweight
Latin America
By9.05%
Portfolio
39.97%
Benchmark
30.92%
Largest Underweight
Middle East & Africa
By-7.64%
Portfolio
21.93%
Benchmark
29.57%
Countries
Total
Countries
69
Largest Country Mexico 12.90%
Was (30-Jun-2020)
12.77%
Other
View complete Country Diversification
Largest Overweight
Brazil
By3.68%
Portfolio
6.93%
Benchmark
3.25%
Largest Underweight
China
By-5.11%
Portfolio
2.89%
Benchmark
8.00%
Currency
Total
Currencies
18
Largest Currency
99.10%
Was (30-Jun-2020)
99.59%
Other
View completeCurrency Diversification
Largest Overweight
Egyptian pound
By
0.50%
Portfolio
0.50%
Benchmark
0.00%
Largest Underweight
U.S. dollar
By
-0.90%
Portfolio
99.10%
Benchmark
100.00%
Team (As of 15-Jan-2021)
Michael Conelius is a portfolio manager in the International Fixed Income Division. He co-manages the Emerging Markets Bond and the Institutional Emerging Markets Bond Funds and is chairman of each fund’s Investment Advisory Committee. Michael is an executive vice president of the Global Funds and International Funds, a vice president and an Investment Advisory Committee member of the Global Multi-Sector Bond Fund, a vice president of the Institutional Income Funds and Multi-Sector Account Portfolios, and a member of the Distressed Advisory Committee. He also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price Trust Company, and T. Rowe Price International Ltd.
Michael has been with T. Rowe Price since 1988, beginning as a financial analyst in the Corporate Finance department. After that, he was a credit analyst and portfolio manager on the Emerging Markets team before assuming his current role. Prior to T. Rowe Price, he was employed by Booz Allen Hamilton as a consultant.
Michael earned a B.S. in finance from Towson University and an M.S. in finance from Loyola University Maryland. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager1994
since - Years at32
T. Rowe Price - Years investment26
experience
Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the lead manager of the Emerging Markets Corporate Bond and Asia Credit Bond Strategies and co-manages the Emerging Markets Bond and Global High Income Bond Strategies. Samy also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Samy's investment experience began in 2006 when he joined T. Rowe Price, beginning as an associate analyst in the Fixed Income Division. After that, he was a credit analyst and then an associate portfolio manager on the Emerging Markets team before assuming his current role.
Samy earned a B.A., summa cum laude, in economics from the University of Maryland. He also has earned the Chartered Financial Analyst® designation. Samy is an adjunct professor at Georgetown University in the Walsh Graduate School of Foreign Service.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2013
since - Years at14
T. Rowe Price - Years investment14
experience
Andrew Keirle is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment Team. Mr. Keirle is the lead portfolio manager for the Emerging Markets Local Currency Bond Strategy and has important input on a number of emerging markets bond strategies and global fixed income strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Keirle has 23 years of investment experience, 14 of which have been with T. Rowe Price. Prior to joining the firm in 2005, he was a portfolio manager and analyst at Lazard Asset Management. Prior to joining Lazard, Mr. Keirle spent seven years as a global portfolio manager at Gulf International Bank in London.
Mr. Keirle is a qualified member of the Institute of Investment Management and Research, and he also holds a diploma from the Society of Technical Analysts. He graduated with a B.Sc. in economics and politics from the University of Swansea at the University of Wales.
- Years at15
T. Rowe Price - Years investment24
experience
Ben Robins is a portfolio specialist in the Global Fixed Income Division. He supports the emerging market debt strategies, which include hard currency- and local currency-denominated sovereign and corporate debt, and works closely with clients, consultants, and prospects. Ben is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Ben’s investment experience began in 2000, and he has been with T. Rowe Price since 2016, beginning in the Fixed Income Division. Prior to this, Ben was employed by Cambridge Associates as a managing director focusing on investment consulting, including client relationship management and fixed income manager research. Before that, Ben was employed by Lehman Brothers, working in investments.
Ben earned a B.A. in economics, with honors, from the College of William & Mary and an M.B.A. from Dartmouth College, Tuck School of Business. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at4
T. Rowe Price - Years investment20
experience
Portfolio Characteristics
Representative Portfolio vs Benchmarkas of 30-Sep-2020
| Characteristic | Portfolio | Benchmark |
|---|---|---|
| Weighted Average Coupon | 5.60% | 5.02% |
| Weighted Average Maturity | 12.89 Years | 12.66 Years |
| Weighted Average Duration | 8.14 Years | 8.13 Years |
| Number of Holdings | 461 | 836 |
Risks
- China Interbank Bond Market risk
- Contingent convertible bond risk
- Country risk (China)
- Country risk (Russia and Ukraine)
- Credit risk
- Currency risk
- Default risk
- Derivatives risk
- Emerging markets risk
- Frontier markets risk
- High yield bond risk
- Interest rate risk
- Issuer concentration risk
- Liquidity risk
- Sector concentration risk
- Capital risk
- Counterparty risk
- Geographic concentration risk
- Hedging risk
- Investment portfolio risk
- Management risk
- Operational risk
Risk/Return Characteristics
as of 30-Sep-2020Emerging Markets Bond Composite
| Risk/Return (5 Years) | Composite | Benchmark |
|---|---|---|
| Alpha | -1.05% | 0.00% |
| Beta | 1.23 | 1.00 |
| R-Squared | 0.95 | 1.00 |
| Annualized Std. Deviation | 10.63% | 8.46% |
| Information Ratio | -0.04 | 0.00 |
| Sharpe Ratio | 0.44 | 0.57 |
| Tracking Error | 3.09% | 0.00% |
Past performance is not a reliable indicator of future performance.
Figures are calculated using monthly data and are gross of fees. Returns would have been lower as a result of the deduction of applicable fees.
J.P. Morgan Emerging Markets Bond Index Global %
Calendar Year Performance
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 14.38% | 4.46% | 20.77% | -6.30% | 4.10% | 1.50% | 15.73% | 10.09% | -6.36% | 12.40% | Composite Gross | |
| 13.82% | 3.94% | 20.18% | -6.77% | 3.58% | 0.99% | 15.16% | 9.55% | -6.83% | 11.85% | Composite Net | |
| 12.04% | 8.46% | 18.54% | -6.58% | 5.53% | 1.23% | 10.19% | 9.32% | -4.61% | 14.42% | Benchmark | |
| 1.78% | -4.52% | 1.64% | -0.19% | -1.95% | -0.24% | 4.97% | 0.23% | -2.22% | -2.57% | Value added (Gross) |
- Composite Gross
- Composite Net
- Benchmark
J.P. Morgan Emerging Markets Bond Index Global %
Top 10 Issuers (30-Sep-2020)
| Issuer Name | % of Portfolio | Sector | Industry |
|---|---|---|---|
| Petroleos Mexicanos | 7.55% | N/A | N/A |
| Republic of Indonesia | 5.81% | N/A | N/A |
| Republic of Turkey | 4.45% | N/A | N/A |
| Ukraine | 3.82% | N/A | N/A |
| Arab Republic of Egypt | 3.67% | N/A | N/A |
| Argentine Republic | 3.51% | N/A | N/A |
| Pertamina Persero PT | 2.67% | N/A | N/A |
| Democratic Socialist Republic of Sri Lanka | 2.45% | N/A | N/A |
| Mexico City Airport Trust | 2.42% | N/A | N/A |
| Petrobras Global Finance BV | 2.40% | N/A | N/A |
Represents 38.76% of Total Net Assets of the representative portfolio
Issuers are as of the date indicated and are subject to change.
The total of the values in the second column in the table may not add up to the Top 10% of Total Net Assets quoted directly below the table due to rounding.
N/A indicates Not Available.
Quality (30-Sep-2020)
Representative Portfolio vs Benchmark
| Quality Rating | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| US Treasury | 0.18% | 0.00% | |
| AA | 1.22% | 9.73% | |
| A | 6.41% | 19.42% | |
| BBB | 23.35% | 34.20% | |
| BB | 28.68% | 15.50% | |
| B | 27.79% | 16.23% | |
| CCC | 7.93% | 4.05% | |
| CC | 0.05% | 0.00% | |
| C | 0.21% | 0.00% | |
| Not Rated | 1.51% | 0.69% | |
| Reserves | 1.97% | 0.00% | |
| D | 0.71% | 0.19% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Sources for Credit Quality: Moody’s Investors Service; if Moody’s does not rate a security, then Standard & Poor’s (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moody’s or S&P. T. Rowe Price does not evaluate these ratings but simply assigns them to the appropriate credit quality category as determined by the rating agency. T. Rowe Price uses the rating of the underlying investment vehicle for credit default swaps.
U.S. Treasury securities are issued by the U.S. Treasury and are backed by the full faith and credit of the U.S. government. The ratings of U.S. Treasury securities are derived from the ratings on the U.S. government.
Maturity (30-Sep-2020)
Representative Portfolio vs Benchmark
| Bond Maturity | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| 0-1 Years | 1.99% | 0.00% | |
| 1-3 Years | 7.16% | 12.22% | |
| 3-5 Years | 8.51% | 14.77% | |
| 5-7 Years | 19.90% | 13.99% | |
| 7-10 Years | 19.92% | 17.95% | |
| 10+ Years | 40.50% | 41.07% | |
| Cash Equivalents | 2.01% | 0.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
(30-Sep-2020)
Representative Portfolio vs Benchmark
| Duration | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Under 1 Year | 2.79% | 0.05% | |
| 1-3 Years | 4.27% | 14.58% | |
| 3-5 Years | 19.33% | 18.04% | |
| 5-7 Years | 21.50% | 17.83% | |
| 7-10 Years | 20.46% | 18.22% | |
| Over 10 Years | 29.68% | 31.27% | |
| Cash Equivalents | 1.97% | 0.00% |
Duration is a measure of a bond portfolio's sensitivity to interest rate changes.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Holdings (30-Sep-2020)
| Company | % of Portfolio | Previous Qtr Change | Value (USD) | Shares/Par | Sector | Industry | Country | Coupon Rate (%) | Quality | Maturity Date | Duration (Yrs) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Petroleos Mexicanos | 3.02% | 0.06 | $152,364,288.92 | 191,803,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.50% | Ba2 | 02-Jun-2041 | 9.54 |
| Perusahaan Penerbit SBSN Indonesia III | 2.67% | 0.05 | $134,536,638.79 | 116,775,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.55% | Baa2 | 29-Mar-2026 | 4.93 |
| Pertamina Persero PT | 2.47% | 0.03 | $124,660,895.39 | 104,726,000 | Corporate Securities | Petroleum | Indonesia | 5.63% | Baa2 | 20-May-2043 | 13.12 |
| Petrobras Global Finance BV | 2.21% | -0.07 | $111,658,021.54 | 87,250,000 | Corporate Securities | Energy | Brazil | 8.75% | Ba2 | 23-May-2026 | 4.51 |
| Mexico City Airport Trust | 2.06% | -0.21 | $104,081,354.98 | 125,806,000 | Corporate Securities | Transportation | Mexico | 5.50% | Baa3 | 31-Jul-2047 | 12.18 |
| Ukraine Government International Bond | 1.95% | -0.15 | $98,333,981.89 | 98,390,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | B3 | 01-Sep-2027 | 5.23 |
| Argentine Republic Government International Bond | 1.37% | N/A | $69,047,260.50 | 159,797,281 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 0.13% | NR | 09-Jan-2038 | 7.75 |
| Turkey Government International Bond | 1.34% | -0.05 | $67,656,112.15 | 70,310,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.00% | B2 | 25-Mar-2027 | 5.26 |
| Bahamas Government International Bond | 1.33% | 0.02 | $67,296,012.23 | 73,815,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Bahamas | 6.00% | Ba2 | 21-Nov-2028 | 5.48 |
| Petroleos Mexicanos | 1.32% | 0.01 | $66,725,095.67 | 89,600,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 5.63% | Ba2 | 23-Jan-2046 | 10.83 |
| Russian Foreign Bond - Eurobond | 1.30% | -0.01 | $65,806,115.42 | 57,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 4.38% | NR | 21-Mar-2029 | 7.17 |
| Egypt Government International Bond | 1.27% | 0.01 | $64,035,850.37 | 64,975,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 8.50% | B2 | 31-Jan-2047 | 9.83 |
| Vietnam Government International Bond | 1.23% | 0.03 | $62,006,401.07 | 54,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Vietnam | 4.80% | Ba3 | 19-Nov-2024 | 3.73 |
| Argentine Republic Government International Bond | 1.16% | N/A | $58,348,652.55 | 154,319,529 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 0.13% | NR | 09-Jul-2035 | 8.87 |
| Petroleos Mexicanos | 1.11% | -0.03 | $55,872,352.97 | 72,236,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.75% | Ba2 | 21-Sep-2047 | 10.23 |
| Saudi Government International Bond | 0.99% | 0.05 | $50,206,613.32 | 38,050,000 | Government | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 5.00% | A1 | 17-Apr-2049 | 16.13 |
| Ecuador Government International Bond | 0.99% | N/A | $50,014,439.87 | 89,647,601 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ecuador | 0.50% | NR | 31-Jul-2035 | 8.96 |
| Dominican Republic International Bond | 0.97% | 0.06 | $49,163,556.45 | 45,935,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.85% | Ba3 | 27-Jan-2045 | 11.70 |
| Jamaica Government International Bond | 0.95% | 0.01 | $48,002,865.95 | 36,811,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Jamaica | 8.00% | B2 | 15-Mar-2039 | 10.24 |
| Ghana Government International Bond | 0.93% | -0.31 | $47,170,790.79 | 51,690,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 6.38% | B3 | 11-Feb-2027 | 4.32 |
| Export-Import Bank of India | 0.92% | 0.69 | $46,378,503.65 | 45,555,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 3.25% | Baa3 | 15-Jan-2030 | 7.91 |
| Indonesia Government International Bond | 0.90% | 0.02 | $45,613,890.54 | 38,107,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.63% | Baa2 | 15-Apr-2043 | 14.19 |
| Banco do Brasil SA/Cayman | 0.86% | -0.05 | $43,484,922.33 | 39,235,000 | Corporate Securities | Banking | Brazil | 9.00% | B2 | 18-Dec-2168 | 10.75 |
| Argentine Republic Government International Bond | 0.82% | N/A | $41,345,211.26 | 98,536,504 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 0.13% | NR | 09-Jul-2030 | 5.87 |
| Turkey Government International Bond | 0.78% | 0.03 | $39,424,640.95 | 42,650,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.25% | B2 | 14-Apr-2026 | 4.70 |
| Saudi Arabian Oil | 0.78% | 0.03 | $39,392,023.85 | 33,600,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 4.25% | A1 | 16-Apr-2039 | 12.89 |
| Petroleos Mexicanos | 0.77% | -0.00 | $39,086,551.03 | 43,550,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 4.50% | Ba2 | 23-Jan-2026 | 4.54 |
| Brazilian Government International Bond | 0.77% | 0.02 | $38,867,943.54 | 38,208,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 5.00% | Ba2 | 27-Jan-2045 | 13.64 |
| Perusahaan Penerbit SBSN Indonesia III | 0.74% | 0.28 | $37,178,256.22 | 32,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.45% | Baa2 | 20-Feb-2029 | 7.08 |
| Ukraine Government International Bond | 0.73% | -0.04 | $36,693,803.66 | 32,620,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 9.75% | NR | 01-Nov-2028 | 5.43 |
| Ghana Government International Bond | 0.72% | -0.24 | $36,397,349.78 | 35,710,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 8.13% | B3 | 18-Jan-2026 | 3.50 |
| Egypt Government International Bond | 0.72% | -0.03 | $36,356,742.22 | 36,890,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 8.50% | B2 | 31-Jan-2047 | 9.83 |
| Sri Lanka Government International Bond | 0.70% | -0.01 | $35,238,413.31 | 39,540,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.25% | Caa1 | 27-Jul-2021 | 0.72 |
| Mongolia Government International Bond | 0.66% | -0.07 | $33,437,350.58 | 32,105,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 5.13% | B3 | 05-Dec-2022 | 2.02 |
| Oman Government International Bond | 0.65% | -0.00 | $32,762,486.90 | 35,055,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 4.75% | Ba3 | 15-Jun-2026 | 4.80 |
| Nigeria Government International Bond | 0.64% | -0.01 | $32,458,140.94 | 33,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.14% | B2 | 23-Feb-2030 | 6.61 |
| Petroleos Mexicanos | 0.62% | 0.04 | $31,077,267.35 | 41,019,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 5.50% | Ba2 | 27-Jun-2044 | 10.86 |
| Ukraine Government International Bond | 0.61% | -0.21 | $30,540,673.49 | 27,150,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 9.75% | NR | 01-Nov-2028 | 5.43 |
| Turkey Government International Bond | 0.59% | -0.00 | $29,880,364.34 | 31,765,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.88% | B2 | 09-Oct-2026 | 4.96 |
| State Grid Overseas Investment 2013 | 0.59% | -0.00 | $29,826,745.24 | 22,919,000 | Corporate Securities | Utilities | China | 4.38% | A1 | 22-May-2043 | 15.04 |
| El Salvador Government International Bond | 0.59% | -0.02 | $29,773,430.79 | 31,015,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 8.63% | B3 | 28-Feb-2029 | 5.76 |
| Colombia Government International Bond | 0.58% | 0.01 | $29,154,443.39 | 22,470,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 6.13% | Baa2 | 18-Jan-2041 | 12.40 |
| Republic of South Africa Government International Bond | 0.57% | -0.03 | $28,786,253.67 | 33,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 5.65% | Ba1 | 27-Sep-2047 | 12.32 |
| Finance department Government of Sharjah | 0.57% | N/A | $28,538,565.00 | 27,595,000 | Government | Foreign Govt & Muni (Excl Canadian) | United Arab Emirates | 4.00% | Baa2 | 28-Jul-2050 | 16.93 |
| Bahamas Government International Bond | 0.57% | 0.01 | $28,534,938.47 | 31,300,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Bahamas | 6.00% | Ba2 | 21-Nov-2028 | 5.48 |
| Ecuador Government International Bond | 0.56% | N/A | $28,493,571.29 | 41,877,670 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ecuador | 0.50% | NR | 31-Jul-2030 | 5.84 |
| Russian Foreign Bond - Eurobond | 0.56% | -0.43 | $28,170,142.14 | 21,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 5.25% | NR | 23-Jun-2047 | 15.49 |
| Bahrain Government International Bond | 0.55% | -0.09 | $27,895,196.37 | 24,755,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bahrain | 7.00% | NR | 12-Oct-2028 | 6.01 |
| Egypt Government International Bond | 0.55% | 0.22 | $27,625,838.30 | 26,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.60% | B2 | 01-Mar-2029 | 6.13 |
| Republic of Uzbekistan Bond | 0.55% | 0.11 | $27,519,650.06 | 24,400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Uzbekistan | 5.38% | NR | 20-Feb-2029 | 6.79 |
| Colombia Government International Bond | 0.54% | 0.01 | $27,456,059.78 | 22,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 5.63% | Baa2 | 26-Feb-2044 | 13.77 |
| Sri Lanka Government International Bond | 0.54% | -0.01 | $27,329,158.62 | 32,565,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 5.75% | Caa1 | 18-Jan-2022 | 1.13 |
| Cometa Energia SA de CV | 0.54% | 0.03 | $27,158,166.66 | 24,130,000 | Corporate Securities | Energy | Mexico | 6.38% | Baa3 | 24-Apr-2035 | 6.63 |
| Senegal Government International Bond | 0.50% | -0.01 | $25,094,714.31 | 24,800,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 6.25% | Ba3 | 23-May-2033 | 7.95 |
| Brazilian Government International Bond | 0.49% | 0.00 | $24,526,021.85 | 22,385,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 5.63% | Ba2 | 07-Jan-2041 | 12.06 |
| Perusahaan Penerbit SBSN Indonesia III | 0.48% | 0.01 | $24,227,259.56 | 21,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.15% | Baa2 | 29-Mar-2027 | 5.75 |
| Sri Lanka Government International Bond | 0.48% | 0.01 | $24,215,368.12 | 33,625,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.83% | Caa1 | 18-Jul-2026 | 4.29 |
| Saudi Government International Bond | 0.48% | -0.00 | $24,065,451.26 | 23,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 2.75% | A1 | 03-Feb-2032 | 9.68 |
| Paraguay Government International Bond | 0.46% | 0.01 | $23,214,238.56 | 19,049,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Paraguay | 5.40% | Ba1 | 30-Mar-2050 | 15.39 |
| Petroleos Mexicanos | 0.46% | 0.00 | $23,036,426.25 | 24,580,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.50% | Ba2 | 13-Mar-2027 | 5.11 |
| KazMunayGas National Co JSC | 0.45% | 0.01 | $22,456,108.20 | 17,170,000 | Corporate Securities | Petroleum | Kazakhstan | 6.38% | Baa3 | 24-Oct-2048 | 14.00 |
| Saudi Arabian Oil | 0.44% | 0.01 | $22,420,735.53 | 20,050,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 3.50% | A1 | 16-Apr-2029 | 7.32 |
| Brazilian Government International Bond | 0.43% | -0.27 | $21,904,786.95 | 20,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 4.63% | NR | 13-Jan-2028 | 6.15 |
| Republic of Uzbekistan Bond | 0.43% | -0.01 | $21,637,874.10 | 20,405,000 | Government | Foreign Govt & Muni (Excl Canadian) | Uzbekistan | 4.75% | NR | 20-Feb-2024 | 3.11 |
| Turkey Government International Bond | 0.42% | -0.01 | $21,221,573.53 | 27,550,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.88% | B2 | 16-Apr-2043 | 11.49 |
| Jamaica Government International Bond | 0.42% | 0.01 | $21,176,098.24 | 16,455,000 | Government | Foreign Govt & Muni (Excl Canadian) | Jamaica | 7.88% | B2 | 28-Jul-2045 | 11.92 |
| Turkey Government International Bond | 0.40% | -0.01 | $20,049,269.06 | 21,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 5.13% | B2 | 17-Feb-2028 | 5.93 |
| Development Bank of Mongolia | 0.39% | 0.03 | $19,929,854.01 | 18,420,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 7.25% | NR | 23-Oct-2023 | 2.66 |
| El Salvador Government International Bond | 0.39% | -0.07 | $19,847,892.45 | 22,325,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 7.65% | B3 | 15-Jun-2035 | 7.99 |
| Senegal Government International Bond | 0.39% | 0.02 | $19,842,621.62 | 17,000,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 4.75% | Ba3 | 13-Mar-2028 | 5.26 |
| Angolan Government International Bond | 0.39% | 0.25 | $19,716,618.50 | 23,900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Angola | 8.25% | Caa1 | 09-May-2028 | 5.07 |
| Nigeria Government International Bond | 0.38% | 0.00 | $19,212,501.30 | 19,650,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 6.50% | B2 | 28-Nov-2027 | 5.47 |
| Senegal Government International Bond | 0.38% | -0.01 | $19,175,195.02 | 18,950,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 6.25% | Ba3 | 23-May-2033 | 7.95 |
| Sri Lanka Government International Bond | 0.37% | 0.05 | $18,796,166.80 | 26,100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.83% | Caa1 | 18-Jul-2026 | 4.29 |
| Mexico City Airport Trust | 0.36% | -0.03 | $18,192,700.39 | 21,990,000 | Corporate Securities | Transportation | Mexico | 5.50% | Baa3 | 31-Jul-2047 | 12.18 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 0.36% | 0.01 | $18,094,573.91 | 16,500,000 | Corporate Securities | Energy | Indonesia | 4.13% | Baa2 | 15-May-2027 | 5.74 |
| Oman Government International Bond | 0.36% | -0.03 | $18,079,833.99 | 21,930,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 6.50% | Ba3 | 08-Mar-2047 | 10.84 |
| Ukraine Government International Bond | 0.36% | -0.27 | $18,071,956.28 | 17,860,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | B3 | 01-Sep-2025 | 4.01 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 0.36% | 0.01 | $17,956,857.54 | 15,300,000 | Corporate Securities | Energy | Indonesia | 5.25% | Baa2 | 24-Oct-2042 | 13.21 |
| Corp Nacional del Cobre de Chile | 0.35% | 0.01 | $17,564,803.99 | 16,450,000 | Corporate Securities | Metals & Mining | Chile | 3.70% | A3 | 30-Jan-2050 | 17.67 |
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 0.35% | 0.02 | $17,421,059.46 | 16,600,000 | Corporate Securities | Banking | Mexico | 8.50% | Ba1 | 20-Apr-2169 | 10.94 |
| Mongolia Government International Bond | 0.34% | -0.02 | $17,019,974.62 | 15,090,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 8.75% | B3 | 09-Mar-2024 | 2.98 |
| Oman Government International Bond | 0.34% | -0.00 | $16,991,071.52 | 18,180,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 4.75% | Ba3 | 15-Jun-2026 | 4.80 |
| BBVA Bancomer SA/Texas | 0.33% | 0.16 | $16,716,692.21 | 17,150,000 | Corporate Securities | Banking | Mexico | 5.13% | NR | 18-Jan-2033 | 8.88 |
| Icl | 0.33% | 0.03 | $16,627,655.55 | 12,850,000 | Corporate Securities | Chemicals | Israel | 6.38% | NR | 31-May-2038 | 11.14 |
| Times China Holdings | 0.33% | 0.01 | $16,546,508.99 | 15,900,000 | Corporate Securities | Building & Real Estate | China | 6.75% | B1 | 08-Jul-2025 | 3.98 |
| Perusahaan Penerbit SBSN Indonesia III | 0.32% | 0.00 | $16,362,585.22 | 14,572,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.35% | Baa2 | 10-Sep-2024 | 3.65 |
| Ecuador Government International Bond | 0.32% | N/A | $16,254,328.91 | 32,241,050 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ecuador | 0.50% | NR | 31-Jul-2040 | 11.14 |
| Republic of South Africa Government International Bond | 0.32% | -0.00 | $16,217,098.58 | 16,950,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.85% | Ba1 | 30-Sep-2029 | 7.15 |
| Ruwais Power Co-PJSC | 0.31% | 0.01 | $15,653,594.14 | 11,795,000 | Corporate Securities | Energy | United Arab Emirates | 6.00% | A3 | 31-Aug-2036 | 9.99 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 0.31% | 0.00 | $15,625,453.43 | 11,846,000 | Corporate Securities | Energy | Indonesia | 6.25% | Baa2 | 25-Jan-2049 | 14.58 |
| Qatar Government International Bond | 0.31% | 0.01 | $15,486,706.58 | 11,820,000 | Government | Foreign Govt & Muni (Excl Canadian) | Qatar | 4.40% | Aa3 | 16-Apr-2050 | 17.44 |
| Turkey Government International Bond | 0.30% | -0.02 | $15,319,743.08 | 18,120,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.00% | B2 | 14-Jan-2041 | 10.44 |
| Nigeria Government International Bond | 0.30% | -0.00 | $15,157,661.78 | 14,550,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 8.75% | B2 | 21-Jan-2031 | 6.63 |
| Azul Investments LLP | 0.30% | 0.12 | $15,038,258.77 | 19,345,000 | Corporate Securities | Airlines | Brazil | 5.88% | Caa2 | 26-Oct-2024 | 3.28 |
| International Container Terminal Services | 0.30% | 0.08 | $15,000,826.03 | 14,100,000 | Corporate Securities | Transportation | Philippines | 4.75% | NR | 17-Jun-2030 | 7.68 |
| Trinidad & Tobago Government International Bond | 0.30% | 0.00 | $14,917,756.39 | 14,960,000 | Government | Foreign Govt & Muni (Excl Canadian) | Trinidad and Tobago | 4.50% | Ba1 | 26-Jun-2030 | 7.69 |
| Abu Dhabi Government International Bond | 0.29% | 0.00 | $14,715,681.95 | 12,940,000 | Government | Foreign Govt & Muni (Excl Canadian) | United Arab Emirates | 3.13% | Aa2 | 16-Apr-2030 | 8.21 |
| Turkiye Sise Ve Cam Fabrikalari | 0.29% | -0.01 | $14,689,621.59 | 14,345,000 | Corporate Securities | Building Products | Turkey | 6.95% | B2 | 14-Mar-2026 | 4.48 |
| Bermuda Government International Bond | 0.29% | N/A | $14,505,909.18 | 14,014,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bermuda | 3.38% | A2 | 20-Aug-2050 | 18.53 |
| Israel Electric | 0.28% | -0.28 | $14,296,295.71 | 12,540,000 | Corporate Securities | Electric Utilities | Israel | 4.25% | Baa2 | 14-Aug-2028 | 6.74 |
| Ukraine Railways Via Rail Capital Markets | 0.28% | -0.06 | $14,217,358.15 | 13,900,000 | Corporate Securities | Transportation | Ukraine | 8.25% | NR | 09-Jul-2024 | 3.14 |
| Ypf | 0.28% | 0.02 | $14,146,926.78 | 15,000,000 | Corporate Securities | Energy | Argentina | 8.50% | Caa3 | 23-Mar-2021 | 0.43 |
| Indonesia Government International Bond | 0.28% | 0.00 | $14,059,460.90 | 11,765,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.75% | Baa2 | 11-Feb-2029 | 7.00 |
| Barbados Government International Bond | 0.28% | 0.02 | $13,979,206.50 | 13,755,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Barbados | 6.50% | NR | 01-Oct-2029 | 5.31 |
| GTLK Europe DAC | 0.28% | 0.00 | $13,880,507.68 | 13,000,000 | Corporate Securities | Financial | Russia | 5.13% | Ba2 | 31-May-2024 | 3.28 |
| Turkey Government International Bond | 0.27% | -0.01 | $13,693,862.65 | 14,525,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.88% | B2 | 17-Mar-2036 | 9.12 |
| Emirates NBD Bank PJSC | 0.27% | 0.00 | $13,583,667.55 | 13,100,000 | Corporate Securities | Banking | United Arab Emirates | 6.13% | B1 | 20-Sep-2169 | 14.36 |
| Qatar Government International Bond | 0.27% | N/A | $13,519,871.27 | 10,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Qatar | 4.82% | Aa3 | 14-Mar-2049 | 16.90 |
| Banco Nacional de Panama | 0.26% | N/A | $13,113,691.55 | 13,190,000 | Corporate Securities | Financial | Panama | 2.50% | Baa1 | 11-Aug-2030 | 8.64 |
| Angolan Government International Bond | 0.26% | 0.00 | $13,068,266.52 | 16,050,000 | Government | Foreign Govt & Muni (Excl Canadian) | Angola | 9.13% | Caa1 | 26-Nov-2049 | 7.82 |
| Suzano Austria GmbH | 0.26% | 0.01 | $13,048,306.52 | 11,300,000 | Corporate Securities | Forest Products | Brazil | 6.00% | NR | 15-Jan-2029 | 6.56 |
| Saudi Government International Bond | 0.26% | 0.01 | $12,924,939.91 | 11,850,000 | Government | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 3.75% | A1 | 21-Jan-2055 | 19.21 |
| Egypt Government International Bond | 0.26% | 0.19 | $12,883,981.73 | 12,900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 6.59% | B2 | 21-Feb-2028 | 5.72 |
| Oman Government International Bond | 0.25% | -0.01 | $12,806,894.92 | 13,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 5.63% | Ba3 | 17-Jan-2028 | 5.74 |
| Leviathan Bond | 0.25% | N/A | $12,707,836.14 | 12,250,000 | Corporate Securities | Energy | Israel | 6.13% | Ba3 | 30-Jun-2025 | 4.06 |
| Embraer Netherlands Finance BV | 0.25% | 0.02 | $12,693,221.31 | 13,000,000 | Corporate Securities | Aerospace & Defense | Brazil | 5.05% | Ba2 | 15-Jun-2025 | 4.05 |
| Hazine Mustesarligi Varlik Kiralama | 0.25% | -0.00 | $12,689,000.83 | 13,175,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.49% | B2 | 25-Nov-2024 | 3.65 |
| Banco De Bogota | 0.25% | N/A | $12,547,527.06 | 11,300,000 | Corporate Securities | Banking | Colombia | 6.25% | Ba2 | 12-May-2026 | 4.65 |
| Egypt Government Bond | 0.25% | N/A | $12,517,209.38 | 192,400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 14.05% | NR | 21-Jul-2022 | N/A |
| Lebanon Government International Bond | 0.25% | -0.02 | $12,468,065.63 | 74,715,000 | Government | Foreign Govt & Muni (Excl Canadian) | Lebanon | 6.00% | NR | 27-Jan-2023 | 1.19 |
| Telefonica Celular Del Paraguay | 0.25% | 0.00 | $12,397,561.15 | 11,535,000 | Corporate Securities | Wireline Communications | Paraguay | 5.88% | Ba1 | 15-Apr-2027 | 5.28 |
| Mong Duong Finance Holdings BV | 0.24% | 0.00 | $12,338,347.52 | 11,815,000 | Corporate Securities | Utilities | Vietnam | 5.13% | Ba3 | 07-May-2029 | 4.82 |
| Manila Water | 0.24% | N/A | $12,230,586.11 | 12,450,000 | Corporate Securities | Utilities | Philippines | 4.38% | NR | 30-Jul-2030 | 7.81 |
| Kuwait Projects Co SPC | 0.24% | N/A | $12,218,323.50 | 12,200,000 | Corporate Securities | Financial | Kuwait | 4.23% | Baa3 | 29-Oct-2026 | 5.20 |
| Qatar Government International Bond | 0.24% | N/A | $12,184,947.84 | 9,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Qatar | 4.40% | Aa3 | 16-Apr-2050 | 17.44 |
| VF Ukraine PAT via VFU Funding | 0.24% | N/A | $12,133,188.42 | 12,000,000 | Corporate Securities | Wireless Communications | Ukraine | 6.20% | NR | 11-Feb-2025 | 3.74 |
| Mongolia Government International Bond | 0.24% | N/A | $12,130,300.00 | 12,040,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 5.13% | B3 | 07-Apr-2026 | 4.75 |
| Dominican Republic International Bond | 0.24% | 0.01 | $11,945,739.13 | 10,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.88% | Ba3 | 29-Jan-2026 | 4.46 |
| Turk Telekomunikasyon | 0.23% | -0.00 | $11,857,517.52 | 12,000,000 | Corporate Securities | Wireline Communications | Turkey | 4.88% | NR | 19-Jun-2024 | 3.30 |
| Costa Rica Government International Bond | 0.23% | -0.11 | $11,781,621.70 | 12,465,000 | Government | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 7.00% | B2 | 04-Apr-2044 | 10.27 |
| Mexican Bonos | 0.23% | 0.01 | $11,758,289.67 | 214,900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 8.50% | Baa1 | 31-May-2029 | 0.00 |
| Uruguay Government International Bond | 0.23% | 0.02 | $11,743,287.56 | 8,633,666 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Uruguay | 5.10% | Baa2 | 18-Jun-2050 | 16.37 |
| Petroleos De Venezuela | 0.23% | 0.01 | $11,599,050.00 | 386,635,000 | Corporate Securities | Energy | Venezuela | 9.00% | NR | 17-Nov-2021 | 0.04 |
| EQUATE PETROCHEMICALS | 0.22% | N/A | $11,333,416.98 | 9,500,000 | Corporate Securities | Chemicals | Kuwait | 5.88% | Baa2 | 18-May-2030 | 7.38 |
| State Grid Overseas Investment 2014 | 0.22% | -0.01 | $11,324,673.79 | 7,953,000 | Corporate Securities | Utilities | China | 4.85% | A1 | 07-May-2044 | 15.15 |
| Globe Telecom | 0.22% | N/A | $11,319,464.39 | 11,750,000 | Corporate Securities | Wireline Communications | Philippines | 3.00% | NR | 23-Jul-2035 | 11.67 |
| Saudi Arabian Oil | 0.22% | 0.01 | $11,254,916.46 | 9,600,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 4.25% | A1 | 16-Apr-2039 | 12.89 |
| Turk Telekomunikasyon | 0.22% | -0.01 | $11,214,320.69 | 10,875,000 | Corporate Securities | Wireline Communications | Turkey | 6.88% | NR | 28-Feb-2025 | 3.75 |
| Indonesia Treasury Bond | 0.22% | -0.01 | $11,079,467.02 | 145,474,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 9.00% | Baa2 | 15-Mar-2029 | 0.00 |
| KSA Sukuk | 0.22% | N/A | $11,015,973.21 | 10,240,000 | Government | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 2.97% | A1 | 29-Oct-2029 | 7.88 |
| Argentine Republic Government International Bond | 0.22% | N/A | $10,928,032.19 | 23,821,184 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 1.00% | NR | 09-Jul-2029 | 5.55 |
| Controladora Mabe SA de CV | 0.22% | 0.14 | $10,858,290.66 | 9,490,000 | Corporate Securities | Consumer Products | Mexico | 5.60% | Baa3 | 23-Oct-2028 | 6.42 |
| Country Garden Holdings | 0.21% | -0.00 | $10,736,156.25 | 10,350,000 | Corporate Securities | Building & Real Estate | China | 4.75% | NR | 17-Jan-2023 | 2.14 |
| CNOOC Finance 2013 | 0.21% | -0.00 | $10,699,024.50 | 10,000,000 | Corporate Securities | Petroleum | China | 2.88% | A1 | 30-Sep-2029 | 7.94 |
| AC Energy Finance International | 0.21% | 0.00 | $10,440,742.70 | 9,995,000 | Corporate Securities | Electric Utilities | Philippines | 5.65% | NR | 04-Jun-2169 | 13.79 |
| Sri Lanka Government International Bond | 0.21% | 0.01 | $10,415,037.52 | 14,585,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.20% | Caa1 | 11-May-2027 | 4.76 |
| Dominican Republic International Bond | 0.20% | 0.02 | $10,231,467.02 | 8,810,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 7.45% | Ba3 | 30-Apr-2044 | 11.18 |
| Bahrain Government International Bond | 0.20% | -0.11 | $10,150,827.48 | 9,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bahrain | 7.50% | NR | 20-Sep-2047 | 11.59 |
| Dominican Republic International Bond | 0.20% | N/A | $10,125,495.80 | 10,145,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 4.88% | Ba3 | 23-Sep-2032 | 8.93 |
| Celulosa Arauco Y Constitucion | 0.20% | N/A | $10,065,655.09 | 9,412,000 | Corporate Securities | Forest Products | Chile | 5.15% | Baa3 | 29-Jan-2050 | 14.92 |
| Mongolia Government International Bond | 0.19% | 0.01 | $9,839,927.41 | 9,330,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 5.63% | B3 | 01-May-2023 | 2.34 |
| Ghana Government International Bond | 0.19% | -0.02 | $9,797,473.92 | 11,500,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 8.75% | B3 | 11-Mar-2061 | 9.16 |
| Republic of South Africa Government International Bond | 0.19% | -0.01 | $9,707,505.99 | 10,050,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 6.25% | Ba1 | 08-Mar-2041 | 11.05 |
| Ypf | 0.19% | 0.00 | $9,621,982.74 | 11,400,000 | Corporate Securities | Energy | Argentina | 8.75% | Caa3 | 04-Apr-2024 | 2.00 |
| Liberty Latin America | 0.19% | N/A | $9,580,964.68 | 11,575,000 | Communication Services | Diversified Telecommunication Services | Chile | 2.00% | NR | 15-Jul-2024 | N/A |
| Ivory Coast Government International Bond | 0.19% | -0.03 | $9,574,460.72 | 10,138,450 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 5.75% | NR | 31-Dec-2032 | 5.00 |
| Angolan Government International Bond | 0.19% | 0.17 | $9,338,566.44 | 11,350,000 | Government | Foreign Govt & Muni (Excl Canadian) | Angola | 8.00% | Caa1 | 26-Nov-2029 | 5.76 |
| Petrobras Global Finance BV | 0.18% | N/A | $9,289,060.80 | 8,515,000 | Corporate Securities | Energy | Brazil | 6.85% | Ba2 | 05-Jun-2115 | 14.45 |
| Ghana Government International Bond | 0.18% | -0.02 | $9,286,301.36 | 10,900,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 8.75% | B3 | 11-Mar-2061 | 9.16 |
| Trinidad Petroleum Holdings | 0.18% | 0.01 | $9,243,874.28 | 8,352,000 | Corporate Securities | Petroleum | Trinidad and Tobago | 9.75% | Ba3 | 15-Jun-2026 | 4.33 |
| Lamar Funding | 0.18% | -0.00 | $9,238,594.90 | 10,000,000 | Corporate Securities | Utilities | Oman | 3.96% | Ba3 | 07-May-2025 | 4.03 |
| Banco Mercantil del Norte SA/Grand Cayman | 0.18% | 0.01 | $9,156,838.45 | 9,000,000 | Corporate Securities | Banking | Mexico | 7.63% | Ba2 | 06-Oct-2169 | 10.99 |
| Kaisa Group Holdings | 0.18% | -0.04 | $9,147,056.78 | 9,110,000 | Corporate Securities | Building & Real Estate | China | 8.50% | NR | 30-Jun-2022 | 1.55 |
| Tingyi Cayman Islands Holding | 0.18% | N/A | $9,117,935.63 | 9,174,000 | Corporate Securities | Food/Tobacco | China | 1.63% | Baa1 | 24-Sep-2025 | 4.76 |
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 0.18% | 0.00 | $9,102,242.19 | 8,000,000 | Corporate Securities | Banking | Mexico | 5.38% | Baa1 | 17-Apr-2025 | 3.98 |
| U.S. Treasury Notes | 0.18% | -0.00 | $9,074,823.30 | 8,967,000 | US Govt & Agencies | U S Treasury Obligations | United States | 2.50% | Aaa | 31-Jan-2021 | N/A |
| State Grid Overseas Investment 2016 | 0.18% | 0.00 | $9,072,795.46 | 8,000,000 | Corporate Securities | Utilities | China | 3.50% | A1 | 04-May-2027 | 5.86 |
| Bahrain Government International Bond | 0.18% | -0.13 | $9,019,390.78 | 8,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bahrain | 7.38% | NR | 14-May-2030 | 6.79 |
| Pertamina Persero PT | 0.17% | 0.00 | $8,775,737.10 | 7,050,000 | Corporate Securities | Petroleum | Indonesia | 6.00% | Baa2 | 03-May-2042 | 12.62 |
| State Grid Overseas Investment 2016 | 0.17% | 0.00 | $8,623,657.69 | 7,850,000 | Corporate Securities | Utilities | China | 2.88% | A1 | 18-May-2026 | 5.17 |
| JSM Global Sarl | 0.17% | N/A | $8,554,828.90 | 8,555,000 | Corporate Securities | Retail | Brazil | 4.75% | Ba1 | 20-Oct-2030 | N/A |
| HTA Group Ltd/Mauritius | 0.17% | 0.03 | $8,535,219.10 | 7,967,000 | Corporate Securities | Media & Communications | Congo, Democratic Republic Of | 7.00% | B2 | 18-Dec-2025 | 4.27 |
| Saudi Government International Bond | 0.17% | 0.01 | $8,456,976.93 | 6,695,000 | Government | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 4.50% | A1 | 22-Apr-2060 | 19.54 |
| Csn Resources | 0.17% | 0.01 | $8,449,783.80 | 8,075,000 | Corporate Securities | Metals & Mining | Brazil | 7.63% | B2 | 13-Feb-2023 | 2.13 |
| Oman Government International Bond | 0.17% | -0.01 | $8,333,793.50 | 9,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 5.38% | Ba3 | 08-Mar-2027 | 5.28 |
| Axtel SAB de CV | 0.16% | 0.00 | $8,312,871.20 | 7,800,000 | Corporate Securities | Wireline Communications | Mexico | 6.38% | Ba3 | 14-Nov-2024 | 3.53 |
| Laos Government International Bond | 0.16% | -0.03 | $8,171,971.24 | 9,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Laos | 6.88% | B3 | 30-Jun-2021 | N/A |
| El Salvador Government International Bond | 0.16% | -0.00 | $8,160,931.25 | 9,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 5.88% | B3 | 30-Jan-2025 | 3.64 |
| MercadoLibre | 0.16% | 0.01 | $7,953,570.85 | 3,140,000 | Consumer Discretionary | Internet & Direct Marketing Retail | Argentina | 2.00% | NR | 15-Aug-2028 | N/A |
| Romanian Government International Bond | 0.16% | N/A | $7,914,454.86 | 7,584,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 4.00% | Baa3 | 14-Feb-2051 | 17.11 |
| Cemex SAB de CV | 0.16% | 0.01 | $7,856,448.37 | 7,600,000 | Corporate Securities | Building Products | Mexico | 5.45% | NR | 19-Nov-2029 | 6.99 |
| Adani Ports & Special Economic Zone | 0.16% | N/A | $7,836,803.38 | 7,745,000 | Corporate Securities | Transportation | India | 4.20% | Baa3 | 04-Aug-2027 | 5.86 |
| Egypt Government International Bond | 0.15% | -0.00 | $7,507,467.54 | 8,025,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.90% | B2 | 21-Feb-2048 | 10.20 |
| Republic of Uzbekistan Bond | 0.15% | 0.00 | $7,466,396.87 | 6,620,000 | Government | Foreign Govt & Muni (Excl Canadian) | Uzbekistan | 5.38% | NR | 20-Feb-2029 | 6.79 |
| China Overseas Finance Cayman VI | 0.15% | N/A | $7,457,409.89 | 6,360,000 | Corporate Securities | Building & Real Estate | China | 5.95% | Baa1 | 08-May-2024 | 3.23 |
| Transnet SOC | 0.14% | 0.11 | $7,309,799.77 | 7,300,000 | Corporate Securities | Transportation | South Africa | 4.00% | Ba1 | 26-Jul-2022 | 1.72 |
| Nexa Resources | 0.14% | N/A | $7,308,028.17 | 6,575,000 | Corporate Securities | Metals & Mining | Peru | 6.50% | Ba2 | 18-Jan-2028 | 5.75 |
| HPCL-Mittal Energy | 0.14% | 0.01 | $7,171,697.95 | 6,930,000 | Corporate Securities | Energy | India | 5.25% | Ba3 | 28-Apr-2027 | 5.39 |
| BBVA Bancomer SA/Texas | 0.14% | 0.00 | $7,109,508.15 | 7,000,000 | Corporate Securities | Banking | Mexico | 5.35% | Baa3 | 12-Nov-2029 | 7.09 |
| Ghana Government International Bond | 0.14% | -0.05 | $7,074,114.08 | 7,550,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 7.63% | B3 | 16-May-2029 | 5.37 |
| Paraguay Government International Bond | 0.14% | 0.01 | $7,053,814.18 | 5,990,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Paraguay | 4.95% | Ba1 | 28-Apr-2031 | 7.62 |
| Petroleos Mexicanos | 0.14% | -0.00 | $7,006,957.34 | 9,000,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.95% | Ba2 | 28-Jan-2060 | 10.37 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 0.14% | -0.00 | $6,943,584.04 | 6,245,000 | Corporate Securities | Energy | Indonesia | 4.88% | Baa2 | 17-Jul-2049 | 15.54 |
| Brazilian Government International Bond | 0.14% | 0.00 | $6,940,946.47 | 5,095,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 8.25% | Ba2 | 20-Jan-2034 | 8.68 |
| Romanian Government International Bond | 0.14% | N/A | $6,933,631.46 | 6,698,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 3.00% | Baa3 | 14-Feb-2031 | 8.82 |
| Paraguay Government International Bond | 0.13% | 0.00 | $6,800,981.97 | 5,490,000 | Government | Foreign Govt & Muni (Excl Canadian) | Paraguay | 5.60% | NR | 13-Mar-2048 | 14.93 |
| Peruvian Government International Bond | 0.13% | 0.00 | $6,594,381.64 | 6,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Peru | 2.84% | A3 | 20-Jun-2030 | 8.47 |
| El Salvador Government International Bond | 0.13% | -0.01 | $6,556,586.58 | 6,830,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 8.63% | B3 | 28-Feb-2029 | 5.76 |
| Nigeria Government International Bond | 0.13% | -0.00 | $6,479,528.13 | 6,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.88% | B2 | 16-Feb-2032 | 7.22 |
| TransJamaican Highway | 0.13% | 0.00 | $6,337,819.54 | 6,415,000 | Corporate Securities | Transportation | Jamaica | 5.75% | NR | 10-Oct-2036 | 6.98 |
| Empresa De Transporte De Pasajeros Metro | 0.13% | 0.01 | $6,318,241.76 | 5,055,000 | Corporate Securities | Transportation | Chile | 4.70% | NR | 07-May-2050 | 16.63 |
| Cosan Overseas | 0.13% | 0.00 | $6,314,882.36 | 6,085,000 | Corporate Securities | Food/Tobacco | Brazil | 8.25% | Ba2 | 05-Feb-2169 | 10.48 |
| Country Garden Holdings | 0.12% | -0.00 | $6,203,788.68 | 5,700,000 | Corporate Securities | Building & Real Estate | China | 8.00% | NR | 27-Jan-2024 | 2.92 |
| Hutama Karya Persero PT | 0.12% | 0.00 | $6,183,935.40 | 5,610,000 | Corporate Securities | Building Products | Indonesia | 3.75% | Baa2 | 11-May-2030 | 8.00 |
| Globo Comunicacao E Participacoes | 0.12% | 0.00 | $6,141,064.57 | 6,045,000 | Corporate Securities | Telephones | Brazil | 5.13% | NR | 31-Mar-2027 | N/A |
| SriLankan Airlines | 0.12% | 0.01 | $6,077,190.15 | 8,760,000 | Corporate Securities | Airlines | Sri Lanka | 7.00% | NR | 25-Jun-2024 | 2.93 |
| Albania Government International Bond | 0.12% | 0.02 | $6,073,907.16 | 4,980,000 | Government | Foreign Govt & Muni (Excl Canadian) | Albania | 3.50% | B1 | 16-Jun-2027 | 5.87 |
| Ypf | 0.11% | -0.01 | $5,796,967.87 | 7,755,000 | Corporate Securities | Energy | Argentina | 8.50% | Caa3 | 28-Jul-2025 | 3.54 |
| Ukraine Government International Bond | 0.11% | -0.09 | $5,711,921.60 | 6,248,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 0.00% | NR | 31-May-2040 | N/A |
| Petroleos De Venezuela | 0.11% | 0.00 | $5,685,450.00 | 189,515,000 | Corporate Securities | Energy | Venezuela | 6.00% | NR | 16-May-2024 | 0.16 |
| Itau Unibanco Holding SA/Cayman Island | 0.11% | 0.00 | $5,664,861.97 | 5,745,000 | Corporate Securities | Banking | Brazil | 6.13% | B2 | 12-Jun-2169 | 13.62 |
| Csn Resources | 0.11% | 0.01 | $5,650,629.41 | 5,400,000 | Corporate Securities | Metals & Mining | Brazil | 7.63% | B2 | 13-Feb-2023 | 2.13 |
| Corp Nacional del Cobre de Chile | 0.11% | 0.00 | $5,643,316.98 | 4,995,000 | Corporate Securities | Metals & Mining | Chile | 3.75% | A3 | 15-Jan-2031 | 8.50 |
| Kuwait International Government Bond | 0.11% | -0.00 | $5,642,817.68 | 5,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kuwait | 3.50% | NR | 20-Mar-2027 | 5.84 |
| Dominican Republic International Bond | 0.11% | -0.16 | $5,600,879.48 | 5,155,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 5.95% | Ba3 | 25-Jan-2027 | 5.23 |
| Itau Unibanco Holding SA/Cayman Island | 0.11% | 0.00 | $5,574,056.77 | 5,700,000 | Corporate Securities | Banking | Brazil | 6.50% | B2 | 19-Sep-2169 | 13.81 |
| Colombia Government International Bond | 0.11% | 0.00 | $5,530,254.51 | 5,245,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 4.13% | Baa2 | 15-May-2051 | 16.91 |
| Metropolitan Light | 0.11% | 0.00 | $5,511,596.30 | 5,288,000 | Corporate Securities | Other Telecommunications | Hong Kong | 5.50% | Ba2 | 21-Nov-2022 | 1.97 |
| Nexa Resources | 0.11% | 0.01 | $5,419,399.14 | 5,101,000 | Corporate Securities | Metals & Mining | Peru | 5.38% | Ba2 | 04-May-2027 | 5.42 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 0.10% | -0.00 | $5,267,368.00 | 5,020,000 | Corporate Securities | Energy | Indonesia | 4.38% | Baa2 | 05-Feb-2050 | 16.22 |
| Lima Metro Line 2 Finance | 0.10% | 0.00 | $5,129,328.22 | 4,151,255 | Corporate Securities | Transportation | Peru | 5.88% | Baa1 | 05-Jul-2034 | 6.33 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 0.10% | -0.01 | $5,092,141.65 | 4,730,000 | Corporate Securities | Energy | Indonesia | 3.88% | Baa2 | 17-Jul-2029 | 7.42 |
| Oman Government International Bond | 0.10% | -0.01 | $4,944,807.37 | 5,850,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 6.75% | Ba3 | 17-Jan-2048 | 10.62 |
| Perusahaan Penerbit SBSN Indonesia III | 0.10% | 0.00 | $4,843,390.33 | 4,470,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 3.80% | Baa2 | 23-Jun-2050 | 17.55 |
| Thaioil Treasury Center | 0.10% | -0.01 | $4,803,124.22 | 5,175,000 | Corporate Securities | Oil Field Serv | Thailand | 3.50% | Baa2 | 17-Oct-2049 | 16.90 |
| Venezuela Government International Bond | 0.09% | 0.02 | $4,637,600.00 | 57,970,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 7.75% | NR | 13-Oct-2020 | 0.36 |
| Metropolitan Light | 0.09% | 0.00 | $4,580,836.94 | 4,395,000 | Corporate Securities | Other Telecommunications | Hong Kong | 5.50% | Ba2 | 21-Nov-2022 | 1.97 |
| Vietnam Government International Bond | 0.09% | 0.00 | $4,520,714.23 | 4,750,000 | Government | Foreign Govt & Muni (Excl Canadian) | Vietnam | 1.13% | NR | 13-Mar-2028 | 6.93 |
| Venezuela Government International Bond | 0.09% | 0.02 | $4,432,400.00 | 55,405,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 6.00% | C | 09-Dec-2020 | 0.29 |
| Ecuador Government International Bond | 0.08% | N/A | $4,058,482.23 | 8,657,172 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ecuador | 0.00% | NR | 31-Jul-2030 | 0.00 |
| Consorcio Transmantaro | 0.08% | 0.00 | $3,998,134.55 | 3,315,000 | Corporate Securities | Utilities | Peru | 4.70% | Baa3 | 16-Apr-2034 | 8.94 |
| Citgo Holding | 0.08% | -0.01 | $3,967,518.14 | 4,110,000 | Corporate Securities | Energy | United States | 9.25% | Caa1 | 01-Aug-2024 | N/A |
| Agile Group Holdings | 0.08% | N/A | $3,875,774.27 | 3,850,000 | Corporate Securities | Building & Real Estate | China | 5.75% | NR | 02-Jan-2025 | 3.66 |
| Egypt Government International Bond | 0.08% | 0.00 | $3,855,529.65 | 3,765,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 8.88% | B2 | 29-May-2050 | 9.74 |
| Bahamas Government International Bond | 0.08% | -0.00 | $3,787,910.16 | 4,125,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bahamas | 5.75% | Ba2 | 16-Jan-2024 | 2.87 |
| Irsa Propiedades Comerciales | 0.07% | -0.13 | $3,710,530.87 | 5,180,000 | Corporate Securities | Retail | Argentina | 8.75% | NR | 23-Mar-2023 | 2.00 |
| Petroleos De Venezuela | 0.07% | 0.01 | $3,708,180.00 | 30,901,500 | Corporate Securities | Energy | Venezuela | 8.50% | NR | 27-Oct-2020 | 0.42 |
| Poinsettia Finance | 0.07% | -0.00 | $3,595,432.17 | 3,600,000 | Corporate Securities | Banking | Mexico | 6.63% | Ba2 | 17-Jun-2031 | 5.32 |
| EQUATE PETROCHEMICALS | 0.07% | 0.00 | $3,501,355.09 | 2,935,000 | Corporate Securities | Chemicals | Kuwait | 5.88% | Baa2 | 18-May-2030 | 7.38 |
| Jamaica Government International Bond | 0.07% | -0.00 | $3,453,772.95 | 2,950,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Jamaica | 6.75% | B2 | 28-Apr-2028 | 5.25 |
| Industrias Penoles SAB de CV | 0.06% | N/A | $3,115,365.50 | 2,990,000 | Corporate Securities | Metals & Mining | Mexico | 4.75% | NR | 06-Aug-2050 | 15.56 |
| Uruguay Government International Bond | 0.06% | 0.00 | $3,083,709.62 | 2,570,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Uruguay | 4.38% | Baa2 | 23-Jan-2031 | 7.75 |
| Sri Lanka Government International Bond | 0.06% | 0.02 | $3,070,059.23 | 4,205,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.13% | Caa1 | 03-Jun-2025 | 3.64 |
| HPCL-Mittal Energy | 0.06% | N/A | $2,950,664.37 | 2,850,000 | Corporate Securities | Energy | India | 5.45% | Ba3 | 22-Oct-2026 | 5.00 |
| Acwa Power Management & Investments One | 0.06% | N/A | $2,943,519.64 | 2,540,000 | Corporate Securities | Energy | United Arab Emirates | 5.95% | Baa3 | 15-Dec-2039 | 7.24 |
| Guatemala Government Bond | 0.06% | 0.00 | $2,922,897.92 | 2,395,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Guatemala | 6.13% | Ba1 | 01-Jun-2050 | 14.12 |
| Banco Mercantil del Norte SA/Grand Cayman | 0.06% | 0.00 | $2,887,960.02 | 2,925,000 | Corporate Securities | Banking | Mexico | 6.75% | Ba2 | 27-Sep-2169 | 12.34 |
| China Evergrande | 0.06% | -0.14 | $2,862,195.77 | 3,055,000 | Corporate Securities | Building & Real Estate | China | 9.50% | B2 | 11-Apr-2022 | 1.28 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 0.05% | 0.00 | $2,774,631.76 | 2,800,000 | Corporate Securities | Energy | Indonesia | 4.00% | Baa2 | 30-Jun-2050 | 16.65 |
| Sixsigma Networks Mexico SA de CV | 0.05% | -0.18 | $2,476,232.81 | 2,700,000 | Corporate Securities | Information Technology | Mexico | 7.50% | B2 | 02-May-2025 | 3.61 |
| Mexico Government International Bond | 0.05% | 0.00 | $2,432,901.56 | 2,344,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 3.25% | Baa1 | 16-Apr-2030 | 8.05 |
| Mongolia Government International Bond | 0.05% | -0.01 | $2,352,937.22 | 2,150,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 10.88% | B3 | 06-Apr-2021 | 0.48 |
| Petroleos Mexicanos | 0.05% | 0.01 | $2,291,017.06 | 2,650,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 5.35% | Ba2 | 12-Feb-2028 | 5.79 |
| Ukraine Government International Bond | 0.04% | -0.00 | $2,257,747.04 | 2,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | B3 | 01-Sep-2023 | 2.56 |
| CNAC HK Finbridge | 0.04% | -0.00 | $2,184,876.44 | 1,909,000 | Corporate Securities | Chemicals | China | 5.13% | NR | 14-Mar-2028 | 6.26 |
| Grenada Government International Bond | 0.04% | -0.00 | $2,147,556.81 | 2,855,752 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Grenada | 7.00% | NR | 12-May-2030 | 3.74 |
| Venezuela Government International Bond | 0.04% | 0.01 | $2,080,000.00 | 26,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 9.25% | C | 15-Sep-2027 | 0.96 |
| Venezuela Government International Bond | 0.04% | 0.01 | $2,080,000.00 | 26,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 11.75% | C | 21-Oct-2026 | 0.16 |
| Export-Import Bank of India | 0.04% | 0.02 | $2,066,863.34 | 1,950,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 3.88% | Baa3 | 01-Feb-2028 | 6.34 |
| Petroleos De Venezuela | 0.04% | 0.00 | $2,007,450.00 | 66,915,000 | Corporate Securities | Energy | Venezuela | 5.38% | NR | 12-Apr-2027 | 0.79 |
| Petroleos De Venezuela | 0.04% | 0.00 | $2,004,150.00 | 66,805,000 | Corporate Securities | Energy | Venezuela | 6.00% | NR | 15-Nov-2026 | 0.16 |
| Health & Happiness H&H International Holdings | 0.04% | 0.00 | $1,975,781.03 | 1,880,000 | Corporate Securities | Consumer Products | China | 5.63% | Ba3 | 24-Oct-2024 | 3.53 |
| Equate Petrochemical BV | 0.04% | N/A | $1,924,805.47 | 1,800,000 | Corporate Securities | Chemicals | Kuwait | 4.25% | Baa2 | 03-Nov-2026 | 5.27 |
| State Grid Overseas Investment 2014 | 0.04% | 0.00 | $1,887,695.37 | 1,684,000 | Corporate Securities | Utilities | China | 4.13% | A1 | 07-May-2024 | 3.33 |
| Guatemala Government Bond | 0.04% | 0.01 | $1,870,925.38 | 1,661,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Guatemala | 4.90% | Ba1 | 01-Jun-2030 | 7.02 |
| Celulosa Arauco Y Constitucion | 0.04% | -0.13 | $1,857,544.57 | 1,740,000 | Corporate Securities | Forest Products | Chile | 4.20% | Baa3 | 29-Jan-2030 | 7.67 |
| Brazilian Government International Bond | 0.04% | 0.00 | $1,841,419.67 | 1,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 4.50% | Ba2 | 30-May-2029 | 7.08 |
| Indonesia Asahan Aluminium Persero PT | 0.04% | 0.02 | $1,792,722.14 | 1,600,000 | Corporate Securities | Metals & Mining | Indonesia | 4.75% | Baa2 | 15-May-2025 | 4.11 |
| State Grid Overseas Investment 2013 | 0.04% | -0.00 | $1,776,408.54 | 1,365,000 | Corporate Securities | Utilities | China | 4.38% | A1 | 22-May-2043 | 15.04 |
| Mexico Government International Bond | 0.03% | 0.00 | $1,729,313.52 | 1,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 4.75% | Baa1 | 27-Apr-2032 | 8.88 |
| Mexico Government International Bond | 0.03% | 0.00 | $1,711,422.13 | 1,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 5.00% | Baa1 | 27-Apr-2051 | 15.65 |
| Petroleos Mexicanos | 0.03% | 0.00 | $1,671,658.66 | 42,400,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 7.19% | Ba2 | 12-Sep-2024 | 0.00 |
| Dominican Republic International Bond | 0.03% | 0.00 | $1,667,976.90 | 1,550,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 5.50% | Ba3 | 27-Jan-2025 | 3.81 |
| Egypt Government International Bond | 0.03% | -0.00 | $1,625,514.18 | 1,650,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 8.70% | B2 | 01-Mar-2049 | 9.93 |
| Guatemala Government Bond | 0.03% | 0.00 | $1,614,151.03 | 1,475,000 | Government | Foreign Govt & Muni (Excl Canadian) | Guatemala | 4.50% | Ba1 | 03-May-2026 | 4.87 |
| Corp Nacional del Cobre de Chile | 0.03% | 0.00 | $1,597,118.02 | 1,325,000 | Corporate Securities | Metals & Mining | Chile | 4.50% | A3 | 01-Aug-2047 | 16.12 |
| Mong Duong Finance Holdings BV | 0.03% | 0.00 | $1,566,442.77 | 1,500,000 | Corporate Securities | Utilities | Vietnam | 5.13% | Ba3 | 07-May-2029 | 4.82 |
| Sri Lanka Government International Bond | 0.03% | -0.01 | $1,559,626.36 | 1,900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 5.88% | Caa1 | 25-Jul-2022 | 1.58 |
| Mexico Government International Bond | 0.03% | 0.00 | $1,557,407.77 | 1,418,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 4.75% | Baa1 | 08-Mar-2044 | 14.24 |
| Nigeria Government International Bond | 0.03% | -0.00 | $1,536,480.04 | 1,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.14% | B2 | 23-Feb-2030 | 6.61 |
| Petroleos De Venezuela | 0.03% | 0.00 | $1,492,140.00 | 49,738,000 | Corporate Securities | Energy | Venezuela | 12.75% | NR | 17-Feb-2022 | 0.17 |
| Egypt Government International Bond | 0.03% | 0.01 | $1,412,806.86 | 1,325,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.50% | B2 | 31-Jan-2027 | 4.97 |
| Republic of Belarus International Bond | 0.03% | -0.01 | $1,399,290.67 | 1,400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Belarus | 7.63% | B3 | 29-Jun-2027 | 5.08 |
| Colombia Government International Bond | 0.03% | 0.00 | $1,371,811.90 | 1,280,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 4.00% | Baa2 | 26-Feb-2024 | 3.18 |
| Russian Foreign Bond - Eurobond | 0.03% | -0.00 | $1,366,875.93 | 1,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 5.63% | Baa3 | 04-Apr-2042 | 13.29 |
| Ghana Government International Bond | 0.03% | -0.00 | $1,262,829.67 | 1,450,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 8.63% | B3 | 16-Jun-2049 | 8.76 |
| National Highways Authority of India | 0.02% | 0.00 | $1,246,248.82 | 90,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 7.30% | NR | 18-May-2022 | 0.00 |
| Tarjeta Naranja | 0.02% | -0.01 | $1,205,826.44 | 11,682,165 | Corporate Securities | Financial | Argentina | 6.87% | Ca | 11-Apr-2022 | N/A |
| Provincia de Buenos Aires/Government Bonds | 0.02% | -0.01 | $1,202,501.72 | 191,620,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 33.61% | NR | 31-May-2022 | N/A |
| Colombia Government International Bond | 0.02% | 0.00 | $1,201,813.71 | 850,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 7.38% | Baa2 | 18-Sep-2037 | 10.76 |
| Pakistan Government International Bond | 0.02% | -0.01 | $1,197,021.05 | 1,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Pakistan | 7.88% | B3 | 31-Mar-2036 | 8.76 |
| Sri Lanka Government International Bond | 0.02% | 0.01 | $1,189,131.87 | 1,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.85% | Caa1 | 03-Nov-2025 | 3.79 |
| Egypt Government International Bond | 0.02% | -0.00 | $1,172,903.45 | 1,100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.50% | B2 | 31-Jan-2027 | 4.97 |
| Venezuela Government International Bond | 0.02% | 0.00 | $1,152,000.00 | 14,400,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Venezuela | 11.95% | C | 05-Aug-2031 | 0.54 |
| Indonesia Government International Bond | 0.02% | 0.00 | $1,127,661.88 | 886,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 5.13% | Baa2 | 15-Jan-2045 | 14.67 |
| Russian Foreign Bond - Eurobond | 0.02% | -0.00 | $1,112,277.12 | 800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 5.88% | Baa3 | 16-Sep-2043 | 13.95 |
| Petroleos Del Peru | 0.02% | -0.00 | $1,111,246.92 | 950,000 | Corporate Securities | Energy | Peru | 5.63% | NR | 19-Jun-2047 | 14.14 |
| Brazilian Government International Bond | 0.02% | N/A | $1,087,950.00 | 1,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 4.25% | Ba2 | 07-Jan-2025 | 3.88 |
| CNRC Capitale | 0.02% | -0.06 | $1,083,499.08 | 1,062,000 | Corporate Securities | Chemicals | China | 3.90% | Baa2 | 02-Dec-2168 | 12.60 |
| Paraguay Government International Bond | 0.02% | -0.00 | $1,068,546.20 | 1,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Paraguay | 4.63% | Ba1 | 25-Jan-2023 | 2.19 |
| Pertamina Persero PT | 0.02% | 0.00 | $1,020,831.43 | 750,000 | Corporate Securities | Petroleum | Indonesia | 6.50% | Baa2 | 07-Nov-2048 | 14.20 |
| Malaysia Sovereign Sukuk | 0.02% | 0.00 | $987,026.81 | 730,000 | Government | Foreign Govt & Muni (Excl Canadian) | Malaysia | 4.24% | A3 | 22-Apr-2045 | 16.14 |
| Brazilian Government International Bond | 0.02% | -0.01 | $986,005.79 | 900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 5.63% | Ba2 | 21-Feb-2047 | 13.80 |
| Perusahaan Penerbit SBSN Indonesia III | 0.02% | 0.00 | $957,821.89 | 850,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.15% | Baa2 | 29-Mar-2027 | 5.75 |
| Petroleos Mexicanos | 0.02% | 0.00 | $953,735.08 | 1,120,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.63% | Ba2 | 15-Jun-2035 | 8.42 |
| Pelabuhan Indonesia II PT | 0.02% | 0.00 | $942,587.09 | 801,000 | Corporate Securities | Transportation | Indonesia | 5.38% | Baa3 | 05-May-2045 | 13.84 |
| Brazilian Government International Bond | 0.02% | 0.00 | $883,481.15 | 898,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 4.75% | NR | 14-Jan-2050 | 15.00 |
| Nigeria Government International Bond | 0.02% | 0.00 | $860,407.19 | 880,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 6.50% | B2 | 28-Nov-2027 | 5.47 |
| Indonesia Government International Bond | 0.02% | 0.00 | $850,001.05 | 648,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 5.25% | Baa2 | 08-Jan-2047 | 15.26 |
| Export-Import Bank of India | 0.02% | 0.00 | $848,967.36 | 800,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 3.38% | Baa3 | 05-Aug-2026 | 5.28 |
| El Salvador Government International Bond | 0.02% | -0.00 | $835,042.90 | 950,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 6.38% | B3 | 18-Jan-2027 | 4.95 |
| Turkey Government International Bond | 0.02% | 0.00 | $789,163.64 | 800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 5.75% | B2 | 22-Mar-2024 | 3.09 |
| Dominican Republic International Bond | 0.02% | -0.10 | $763,437.65 | 700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.00% | Ba3 | 19-Jul-2028 | 6.18 |
| Brazil Notas do Tesouro Nacional Serie F | 0.02% | N/A | $762,786.50 | 3,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 10.00% | Ba2 | 01-Jan-2025 | 0.00 |
| Egypt Government International Bond | 0.01% | -0.00 | $749,084.92 | 750,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 6.59% | B2 | 21-Feb-2028 | 5.72 |
| ADES International Holding | 0.01% | 0.00 | $738,528.69 | 750,000 | Corporate Securities | Energy | United Arab Emirates | 8.63% | NR | 24-Apr-2024 | 2.87 |
| Angolan Government International Bond | 0.01% | N/A | $731,501.97 | 900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Angola | 9.38% | Caa1 | 08-May-2048 | 7.66 |
| Colombia Government International Bond | 0.01% | 0.00 | $710,102.46 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 5.00% | Baa2 | 15-Jun-2045 | 14.50 |
| Argentine Republic Government International Bond | 0.01% | -0.02 | $706,604.25 | 114,895,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Argentina | 0.00% | NR | 15-Dec-2035 | N/A |
| Zambia Government International Bond | 0.01% | N/A | $706,196.59 | 1,400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Zambia | 5.38% | NR | 20-Sep-2022 | 1.51 |
| Uruguay Government International Bond | 0.01% | 0.00 | $705,785.22 | 599,481 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Uruguay | 4.38% | Baa2 | 27-Oct-2027 | 5.32 |
| Costa Rica Government International Bond | 0.01% | 0.00 | $703,671.13 | 740,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 6.13% | B2 | 19-Feb-2031 | 6.88 |
| Sri Lanka Government International Bond | 0.01% | -0.01 | $703,288.29 | 689,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.25% | Caa1 | 04-Oct-2020 | N/A |
| Mexico Government International Bond | 0.01% | 0.00 | $694,976.88 | 548,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.05% | Baa1 | 11-Jan-2040 | 11.99 |
| Sri Lanka Government International Bond | 0.01% | 0.01 | $688,843.24 | 972,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 7.85% | Caa1 | 14-Mar-2029 | 5.44 |
| Sri Lanka Government International Bond | 0.01% | 0.00 | $673,395.17 | 900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.85% | Caa1 | 14-Mar-2024 | 2.82 |
| Ivory Coast Government International Bond | 0.01% | -0.00 | $670,259.64 | 700,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 6.13% | Ba3 | 15-Jun-2033 | 7.94 |
| Venezuela Government International Bond | 0.01% | 0.00 | $664,000.00 | 8,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 12.75% | C | 23-Aug-2022 | 0.49 |
| Indonesia Government International Bond | 0.01% | 0.00 | $651,478.76 | 430,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 6.75% | Baa2 | 15-Jan-2044 | 13.48 |
| Republic of South Africa Government International Bond | 0.01% | -0.00 | $645,080.64 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 5.88% | Ba1 | 16-Sep-2025 | 4.30 |
| Turkey Government International Bond | 0.01% | -0.00 | $638,884.60 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 7.63% | B2 | 26-Apr-2029 | 6.06 |
| Turkey Government International Bond | 0.01% | -0.00 | $628,645.94 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 7.38% | B2 | 05-Feb-2025 | 3.65 |
| Kazakhstan Government International Bond | 0.01% | 0.00 | $627,578.96 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kazakhstan | 6.50% | Baa3 | 21-Jul-2045 | 14.39 |
| Cometa Energia SA de CV | 0.01% | N/A | $625,490.39 | 555,750 | Corporate Securities | Energy | Mexico | 6.38% | Baa3 | 24-Apr-2035 | 6.63 |
| Mexico Government International Bond | 0.01% | 0.00 | $618,218.62 | 522,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 5.75% | Baa1 | 12-Oct-2110 | 18.21 |
| Controladora Mabe SA de CV | 0.01% | 0.00 | $617,872.80 | 540,000 | Corporate Securities | Consumer Products | Mexico | 5.60% | Baa3 | 23-Oct-2028 | 6.42 |
| Corp Nacional del Cobre de Chile | 0.01% | 0.00 | $617,794.14 | 560,000 | Corporate Securities | Metals & Mining | Chile | 3.63% | A3 | 01-Aug-2027 | 6.06 |
| Ivory Coast Government International Bond | 0.01% | -0.00 | $604,959.56 | 600,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 6.38% | Ba3 | 03-Mar-2028 | 5.16 |
| Egypt Government International Bond | 0.01% | 0.01 | $603,771.93 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.63% | B2 | 29-May-2032 | 7.36 |
| Petroleos De Venezuela | 0.01% | -0.00 | $599,400.00 | 19,980,000 | Corporate Securities | Energy | Venezuela | 9.75% | NR | 17-May-2035 | 0.52 |
| Philippine Government International Bond | 0.01% | N/A | $590,217.72 | 550,000 | Government | Foreign Govt & Muni (Excl Canadian) | Philippines | 2.95% | Baa2 | 05-May-2045 | 17.22 |
| Ghana Government International Bond | 0.01% | -0.04 | $589,080.78 | 600,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 7.88% | B3 | 26-Mar-2027 | 4.27 |
| Kenya Government International Bond | 0.01% | -0.00 | $582,175.37 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kenya | 8.25% | B2 | 28-Feb-2048 | 10.13 |
| Southern Gas Corridor CJSC | 0.01% | -0.00 | $570,577.21 | 500,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Azerbaijan | 6.88% | Ba2 | 24-Mar-2026 | 4.62 |
| Colombia Government International Bond | 0.01% | 0.00 | $562,655.98 | 550,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 3.00% | Baa2 | 30-Jan-2030 | 8.06 |
| Serbia Treasury Bonds | 0.01% | 0.00 | $556,596.20 | 50,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 4.50% | NR | 11-Jan-2026 | 0.00 |
| Nigeria Government International Bond | 0.01% | 0.00 | $554,116.40 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.63% | B2 | 28-Nov-2047 | 10.05 |
| Serbia Treasury Bonds | 0.01% | 0.00 | $534,216.28 | 50,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 4.50% | NR | 20-Aug-2032 | 0.00 |
| Kazakhstan Government International Bond | 0.01% | 0.00 | $533,539.38 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kazakhstan | 4.88% | Baa3 | 14-Oct-2044 | 14.97 |
| Russian Foreign Bond - Eurobond | 0.01% | 0.00 | $527,662.71 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 12.75% | Baa3 | 24-Jun-2028 | 5.61 |
| Egypt Government International Bond | 0.01% | 0.00 | $523,131.07 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 5.88% | B2 | 11-Jun-2025 | 4.01 |
| Power Sector Assets & Liabilities Management | 0.01% | 0.00 | $519,321.20 | 340,000 | Corporate Securities | Utilities | Philippines | 9.63% | Baa2 | 15-May-2028 | 5.77 |
| Philippine Government International Bond | 0.01% | 0.00 | $517,483.95 | 350,000 | Government | Foreign Govt & Muni (Excl Canadian) | Philippines | 6.38% | Baa2 | 23-Oct-2034 | 9.96 |
| Dominican Republic International Bond | 0.01% | 0.00 | $514,566.94 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.40% | Ba3 | 05-Jun-2049 | 12.47 |
| Corp Nacional del Cobre de Chile | 0.01% | 0.00 | $507,560.43 | 400,000 | Corporate Securities | Metals & Mining | Chile | 4.88% | A3 | 04-Nov-2044 | 14.75 |
| Indonesia Government International Bond | 0.01% | 0.00 | $495,969.38 | 350,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 5.95% | Baa2 | 08-Jan-2046 | 14.53 |
| Russian Foreign Bond - Eurobond | 0.01% | -0.00 | $491,550.26 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 5.10% | NR | 28-Mar-2035 | 10.64 |
| Paraguay Government International Bond | 0.01% | 0.00 | $489,545.18 | 375,000 | Government | Foreign Govt & Muni (Excl Canadian) | Paraguay | 6.10% | Ba1 | 11-Aug-2044 | 13.59 |
| Petroleos Mexicanos | 0.01% | -0.00 | $485,917.80 | 500,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.88% | Ba2 | 04-Aug-2026 | 4.66 |
| Empresa Nacional del Petroleo | 0.01% | 0.00 | $470,475.55 | 440,000 | Corporate Securities | Petroleum | Chile | 3.75% | Baa3 | 05-Aug-2026 | 5.23 |
| Uruguay Government International Bond | 0.01% | 0.00 | $461,054.40 | 340,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Uruguay | 4.98% | Baa2 | 20-Apr-2055 | 17.73 |
| Indonesia Government International Bond | 0.01% | 0.00 | $460,243.58 | 280,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 8.50% | Baa2 | 12-Oct-2035 | 9.65 |
| KazMunayGas National Co JSC | 0.01% | 0.00 | $455,125.57 | 400,000 | Corporate Securities | Petroleum | Kazakhstan | 4.75% | Baa3 | 19-Apr-2027 | 5.57 |
| Russian Foreign Bond - Eurobond | 0.01% | -0.00 | $445,395.43 | 383,500 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Russia | 7.50% | Baa3 | 31-Mar-2030 | 2.90 |
| Kazakhstan Government International Bond | 0.01% | 0.00 | $444,461.38 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kazakhstan | 3.88% | Baa3 | 14-Oct-2024 | 3.70 |
| Russian Foreign Bond - Eurobond | 0.01% | -0.01 | $440,755.62 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 4.88% | Baa3 | 16-Sep-2023 | 2.77 |
| Kenya Infrastructure Bond | 0.01% | 0.00 | $436,744.39 | 43,850,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kenya | 11.95% | NR | 25-Oct-2038 | 0.00 |
| Republic of South Africa Government International Bond | 0.01% | -0.00 | $435,545.40 | 440,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.85% | Ba1 | 27-Sep-2027 | 5.85 |
| Panama Government International Bond | 0.01% | -0.00 | $434,010.53 | 375,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Panama | 3.87% | Baa1 | 23-Jul-2060 | 20.52 |
| Georgian Railway JSC | 0.01% | -0.01 | $428,427.60 | 400,000 | Corporate Securities | Transportation | Georgia | 7.75% | NR | 11-Jul-2022 | 1.63 |
| Pertamina Persero PT | 0.01% | 0.00 | $417,788.42 | 400,000 | Corporate Securities | Petroleum | Indonesia | 3.10% | Baa2 | 21-Jan-2030 | 8.01 |
| Kenya Government International Bond | 0.01% | 0.00 | $415,286.52 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kenya | 6.88% | NR | 24-Jun-2024 | 3.20 |
| CNAC HK Finbridge | 0.01% | 0.00 | $414,416.21 | 350,000 | Corporate Securities | Chemicals | China | 4.75% | Baa2 | 19-Jun-2049 | 15.94 |
| Petroleos Mexicanos | 0.01% | -0.00 | $412,341.23 | 490,000 | Corporate Securities | Foreign Govt & Muni (Excl Canadian) | Mexico | 7.69% | Ba2 | 23-Jan-2050 | 9.77 |
| Huaneng Hong Kong Capital | 0.01% | 0.00 | $410,542.76 | 400,000 | Corporate Securities | Utilities | China | 3.60% | NR | 30-Apr-2169 | 12.45 |
| India Government Bond | 0.01% | 0.00 | $401,851.51 | 26,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 8.83% | NR | 25-Nov-2023 | 0.00 |
| Dominican Republic International Bond | 0.01% | -0.00 | $397,581.52 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 4.50% | Ba3 | 30-Jan-2030 | 7.46 |
| Eskom Holdings SOC | 0.01% | 0.00 | $395,755.50 | 400,000 | Corporate Securities | Utilities | South Africa | 5.75% | Caa1 | 26-Jan-2021 | 0.30 |
| El Salvador Government International Bond | 0.01% | -0.01 | $392,674.50 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 7.75% | B3 | 24-Jan-2023 | 2.04 |
| Turkey Government International Bond | 0.01% | -0.00 | $392,168.78 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.13% | B2 | 24-Oct-2028 | 6.05 |
| Egypt Government International Bond | 0.01% | -0.00 | $388,759.63 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.05% | B2 | 15-Jan-2032 | 7.45 |
| Republic of South Africa Government International Bond | 0.01% | 0.00 | $382,135.46 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.30% | Ba1 | 12-Oct-2028 | 6.50 |
| Senegal Government International Bond | 0.01% | -0.00 | $381,596.54 | 400,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 6.75% | Ba3 | 13-Mar-2048 | 11.55 |
| Turkey Government International Bond | 0.01% | -0.00 | $373,873.82 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.75% | B2 | 30-May-2040 | 9.97 |
| CNAC HK Finbridge | 0.01% | -0.00 | $370,311.57 | 340,000 | Corporate Securities | Chemicals | China | 4.13% | NR | 19-Jul-2027 | 5.91 |
| Nigeria Government International Bond | 0.01% | 0.00 | $369,410.93 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.63% | B2 | 28-Nov-2047 | 10.05 |
| Croatia Government International Bond | 0.01% | 0.00 | $367,658.77 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Croatia | 1.50% | Ba2 | 17-Jun-2031 | 9.84 |
| Panama Government International Bond | 0.01% | -0.00 | $366,935.84 | 250,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Panama | 6.70% | Baa1 | 26-Jan-2036 | 10.05 |
| Indonesia Government International Bond | 0.01% | 0.00 | $363,284.52 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.45% | Baa2 | 15-Apr-2070 | 20.90 |
| Brazilian Government International Bond | 0.01% | 0.00 | $359,367.42 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 6.00% | Ba2 | 07-Apr-2026 | 4.66 |
| Trinidad & Tobago Government International Bond | 0.01% | -0.00 | $358,957.34 | 350,000 | Government | Foreign Govt & Muni (Excl Canadian) | Trinidad and Tobago | 4.50% | Ba1 | 04-Aug-2026 | 5.07 |
| Hungary Government International Bond | 0.01% | -0.00 | $358,491.26 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Hungary | 7.63% | Baa3 | 29-Mar-2041 | 12.83 |
| Philippine Government International Bond | 0.01% | 0.00 | $358,390.26 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Philippines | 3.95% | Baa2 | 20-Jan-2040 | 13.80 |
| Turkey Government International Bond | 0.01% | 0.00 | $358,237.80 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 5.25% | B2 | 13-Mar-2030 | 7.16 |
| Kazakhstan Government International Bond | 0.01% | -0.00 | $350,914.85 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kazakhstan | 5.13% | Baa3 | 21-Jul-2025 | 4.29 |
| Hungary Government International Bond | 0.01% | -0.00 | $344,636.07 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Hungary | 5.38% | Baa3 | 25-Mar-2024 | 3.22 |
| Peruvian Government International Bond | 0.01% | 0.00 | $327,016.13 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Peru | 2.78% | A3 | 23-Jan-2031 | 8.95 |
| Turkey Government International Bond | 0.01% | -0.00 | $326,972.30 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 5.75% | B2 | 11-May-2047 | 11.38 |
| Telefonica Celular Del Paraguay | 0.01% | 0.00 | $322,433.32 | 300,000 | Corporate Securities | Wireline Communications | Paraguay | 5.88% | Ba1 | 15-Apr-2027 | 5.28 |
| Equate Petrochemical BV | 0.01% | -0.00 | $320,794.16 | 300,000 | Corporate Securities | Chemicals | Kuwait | 4.25% | Baa2 | 03-Nov-2026 | 5.27 |
| Panama Government International Bond | 0.01% | N/A | $319,853.62 | 250,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Panama | 4.50% | Baa1 | 16-Apr-2050 | 16.74 |
| Turkey Government International Bond | 0.01% | -0.00 | $318,069.83 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 8.00% | B2 | 14-Feb-2034 | 8.14 |
| Egypt Government International Bond | 0.01% | -0.00 | $313,923.14 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 6.20% | B2 | 01-Mar-2024 | 3.05 |
| Dominican Republic International Bond | 0.01% | 0.00 | $307,440.49 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.50% | Ba3 | 15-Feb-2048 | 12.35 |
| Ukraine Government International Bond | 0.01% | -0.00 | $301,164.80 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | B3 | 01-Sep-2026 | 4.64 |
| Turkey Government International Bond | 0.01% | -0.00 | $293,435.15 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 7.25% | B2 | 05-Mar-2038 | 9.54 |
| Ukraine Government International Bond | 0.01% | -0.00 | $283,031.22 | 300,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.38% | NR | 25-Sep-2032 | 7.37 |
| Colombia Government International Bond | 0.01% | 0.00 | $274,726.00 | 250,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 3.88% | Baa2 | 25-Apr-2027 | 5.73 |
| Romanian Government International Bond | 0.01% | 0.00 | $273,624.25 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 6.13% | Baa3 | 22-Jan-2044 | 13.60 |
| Turkey Government International Bond | 0.01% | -0.00 | $267,779.97 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 11.88% | B2 | 15-Jan-2030 | 5.97 |
| Turkey Government International Bond | 0.01% | -0.00 | $265,594.87 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.63% | B2 | 17-Feb-2045 | 10.86 |
| Mriya Farming | 0.01% | N/A | $263,356.58 | 17,609,900 | Corporate Securities | Industrial - Other | United Kingdom | 0.00% | NR | 31-Dec-2025 | N/A |
| Egypt Government International Bond | 0.01% | -0.00 | $261,602.61 | 250,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 6.20% | B2 | 01-Mar-2024 | 3.05 |
| Ghana Government International Bond | 0.01% | -0.00 | $257,344.12 | 300,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 7.88% | B3 | 11-Feb-2035 | 7.52 |
| Ghana Government International Bond | 0.01% | -0.00 | $257,344.12 | 300,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Ghana | 7.88% | B3 | 11-Feb-2035 | 7.52 |
| Export-Import Bank of India | 0.01% | -0.00 | $257,275.39 | 17,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 8.38% | NR | 24-Jul-2025 | 0.00 |
| Serbia International Bond | 0.01% | 0.00 | $253,819.44 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 3.13% | Ba3 | 15-May-2027 | 5.92 |
| Albania Government International Bond | 0.00% | 0.00 | $249,183.84 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Albania | 3.50% | B1 | 09-Oct-2025 | 4.42 |
| Romanian Government International Bond | 0.00% | 0.00 | $247,978.79 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 5.13% | Baa3 | 15-Jun-2048 | 15.46 |
| Vnesheconombank Via VEB Finance | 0.00% | 0.00 | $244,099.26 | 200,000 | Corporate Securities | Banking | Russia | 6.80% | NR | 22-Nov-2025 | 4.35 |
| Third Pakistan International Sukuk | 0.00% | N/A | $240,606.69 | 236,000 | Government | Foreign Govt & Muni (Excl Canadian) | Pakistan | 5.63% | B3 | 05-Dec-2022 | 1.99 |
| KazMunayGas National Co JSC | 0.00% | 0.00 | $239,098.20 | 200,000 | Corporate Securities | Petroleum | Kazakhstan | 5.38% | Baa3 | 24-Apr-2030 | 7.49 |
| Pakistan Government International Bond | 0.00% | -0.08 | $237,665.87 | 233,000 | Government | Foreign Govt & Muni (Excl Canadian) | Pakistan | 6.88% | B3 | 05-Dec-2027 | 5.47 |
| Indonesia Asahan Aluminium Persero PT | 0.00% | -0.07 | $234,592.11 | 200,000 | Corporate Securities | Metals & Mining | Indonesia | 5.45% | Baa2 | 15-May-2030 | 7.50 |
| Ukraine Government International Bond | 0.00% | 0.00 | $233,365.29 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 6.75% | NR | 20-Jun-2026 | 4.51 |
| Russian Foreign Bond - Eurobond | 0.00% | 0.00 | $232,934.53 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 4.75% | NR | 27-May-2026 | 4.95 |
| Serbia International Bond | 0.00% | N/A | $227,893.05 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 1.50% | Ba3 | 26-Jun-2029 | 8.06 |
| Indonesia Government International Bond | 0.00% | 0.00 | $226,993.65 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 3.85% | Baa2 | 18-Jul-2027 | 6.00 |
| Bulgaria Government International Bond | 0.00% | N/A | $226,567.09 | 198,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bulgaria | 1.38% | Baa2 | 23-Sep-2050 | 24.19 |
| Mongolia Government International Bond | 0.00% | 0.00 | $225,579.52 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 8.75% | B3 | 09-Mar-2024 | 2.98 |
| KazMunayGas National Co JSC | 0.00% | 0.00 | $224,482.48 | 200,000 | Corporate Securities | Petroleum | Kazakhstan | 4.75% | Baa3 | 24-Apr-2025 | 4.06 |
| Chile Government International Bond | 0.00% | -0.00 | $223,955.09 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Chile | 3.24% | A1 | 06-Feb-2028 | 6.56 |
| Vivo Energy Investments BV | 0.00% | N/A | $223,331.50 | 220,000 | Corporate Securities | Energy | Morocco | 5.13% | Baa3 | 24-Sep-2027 | N/A |
| CA La Electricidad de Caracas | 0.00% | -0.00 | $222,075.00 | 12,690,000 | Corporate Securities | Utilities | Venezuela | 8.50% | NR | 10-Apr-2021 | N/A |
| Ivory Coast Government International Bond | 0.00% | 0.00 | $219,507.39 | 200,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 5.25% | Ba3 | 22-Mar-2030 | 6.34 |
| Egypt Government International Bond | 0.00% | 0.00 | $219,223.69 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 5.63% | B2 | 16-Apr-2030 | 6.87 |
| Republic of Armenia International Bond | 0.00% | -0.00 | $218,994.31 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Armenia | 7.15% | Ba3 | 26-Mar-2025 | 3.85 |
| Dominican Republic International Bond | 0.00% | 0.00 | $217,298.91 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 5.95% | Ba3 | 25-Jan-2027 | 5.23 |
| Banco Macro | 0.00% | -0.00 | $216,643.32 | 41,665,000 | Corporate Securities | Banking | Argentina | 17.50% | Ca | 08-May-2022 | 0.00 |
| Romanian Government International Bond | 0.00% | N/A | $208,699.73 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 4.00% | Baa3 | 14-Feb-2051 | 17.11 |
| Israel Government Bond - Fixed | 0.00% | -0.00 | $207,642.23 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Israel | 5.50% | NR | 31-Jan-2042 | 0.00 |
| Egypt Government International Bond | 0.00% | -0.00 | $207,453.06 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 6.13% | B2 | 31-Jan-2022 | 1.26 |
| Republic of South Africa Government International Bond | 0.00% | 0.00 | $207,285.09 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.88% | Ba1 | 14-Apr-2026 | 4.71 |
| Ukraine Government International Bond | 0.00% | N/A | $202,534.53 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | B3 | 01-Sep-2024 | 3.31 |
| Egypt Government International Bond | 0.00% | -0.00 | $194,379.82 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.05% | B2 | 15-Jan-2032 | 7.45 |
| Republic of Azerbaijan International Bond | 0.00% | -0.00 | $193,492.91 | 200,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Azerbaijan | 3.50% | Ba2 | 01-Sep-2032 | 8.90 |
| Senegal Government International Bond | 0.00% | -0.00 | $190,798.27 | 200,000 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Senegal | 6.75% | Ba3 | 13-Mar-2048 | 11.55 |
| Turkey Government International Bond | 0.00% | -0.00 | $190,388.65 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 3.25% | B2 | 23-Mar-2023 | 2.33 |
| Republic of Belarus Ministry of Finance | 0.00% | -0.00 | $189,421.31 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Belarus | 5.88% | NR | 24-Feb-2026 | 4.44 |
| Republic of Belarus International Bond | 0.00% | -0.00 | $188,683.25 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Belarus | 6.20% | B3 | 28-Feb-2030 | 6.89 |
| Eskom Holdings SOC | 0.00% | -0.00 | $187,163.04 | 200,000 | Corporate Securities | Utilities | South Africa | 8.45% | Caa1 | 10-Aug-2028 | 5.47 |
| Eskom Holdings SOC | 0.00% | -0.00 | $185,431.86 | 200,000 | Corporate Securities | Utilities | South Africa | 7.13% | Caa1 | 11-Feb-2025 | 3.59 |
| Republic of South Africa Government International Bond | 0.00% | -0.00 | $172,142.43 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 5.38% | Ba1 | 24-Jul-2044 | 12.03 |
| Republic of South Africa Government International Bond | 0.00% | -0.00 | $155,465.14 | 150,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.67% | Ba1 | 17-Jan-2024 | 3.01 |
| Dominican Republic International Bond | 0.00% | N/A | $153,433.36 | 8,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 9.75% | Ba3 | 05-Jun-2026 | 0.00 |
| Bulgaria Government International Bond | 0.00% | 0.00 | $152,117.63 | 100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bulgaria | 3.13% | Baa2 | 26-Mar-2035 | 11.94 |
| Mriya Farming | 0.00% | N/A | $46,605.70 | 3,975,047 | Consumer Staples | Food Products | United Kingdom | N/A | N/A | N/A | N/A |
| Uruguay Government International Bond | 0.00% | 0.00 | $26,266.54 | 21,775 | Asst Backed Securities | Foreign Govt & Muni (Excl Canadian) | Uruguay | 4.13% | Baa2 | 20-Nov-2045 | 15.59 |
| Egypt Government Bond | 0.00% | 0.00 | $1,652.66 | 24,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 14.90% | NR | 08-May-2028 | 0.00 |
| Mriya Farming | 0.00% | N/A | $1,083.05 | 83,934 | Consumer Staples | Food Products | United Kingdom | N/A | N/A | N/A | N/A |
N/A indicates Not Available.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Please note that holdings are released 15 days after the period end. From time to time, certain securities held may not be listed.
Country Diversification (30-Sep-2020)
Representative Portfolio vs Benchmark| Country Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Brazil | 6.93% | 3.25% | |
| Mexico | 12.90% | 9.83% | |
| Ukraine | 4.34% | 1.35% | |
| Argentina | 4.38% | 2.05% | |
| Bahamas | 1.97% | 0.00% | |
| Sri Lanka | 2.58% | 0.77% | |
| Egypt | 3.67% | 1.96% | |
| Mongolia | 1.88% | 0.25% | |
| Ghana | 2.22% | 0.66% | |
| Vietnam | 1.59% | 0.09% | |
| Ecuador | 1.96% | 0.76% | |
| Jamaica | 1.57% | 0.45% | |
| Senegal | 1.28% | 0.21% | |
| Uzbekistan | 1.12% | 0.09% | |
| Indonesia | 10.08% | 9.08% | |
| India | 1.37% | 0.50% | |
| El Salvador | 1.30% | 0.53% | |
| Nigeria | 1.52% | 0.82% | |
| Paraguay | 1.02% | 0.52% | |
| Oman | 2.04% | 1.59% | |
| Dominican Republic | 1.81% | 1.51% | |
| Turkey | 5.20% | 5.03% | |
| South Africa | 1.28% | 1.91% | |
| Colombia | 1.56% | 2.56% | |
| Chile | 1.08% | 2.62% | |
| Philippines | 1.01% | 2.65% | |
| Russia | 2.23% | 4.09% | |
| Saudi Arabia | 3.56% | 6.42% | |
| United Arab Emirates | 1.51% | 6.40% | |
| China | 2.89% | 8.00% |
A maximum of 30 largest countries by portfolio rank are displayed and shown in descending order by relative over/underweight.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Region Diversification (30-Sep-2020)
Representative Portfolio vs Benchmark| Region Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Latin America | 39.97% | 30.92% | |
| Other | 0.26% | 0.00% | |
| Asia | 21.91% | 23.42% | |
| Emerging Europe | 13.96% | 16.02% | |
| Middle East & Africa | 21.93% | 29.57% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Currency Diversification (30-Sep-2020)
Representative Portfolio vs Benchmark| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| U.S. dollar | 99.10% | 100.00% | |
| Mexican peso | 0.27% | 0.00% | |
| Dollar Bloc Subtotal | 99.36% | 100.00% |
Benchmark : J.P. Morgan Emerging Markets Bond Index Global
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| euro | 0.08% | 0.00% | |
| European Bloc Subtotal | 0.08% | 0.00% |
Benchmark : J.P. Morgan Emerging Markets Bond Index Global
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Korean won | 0.01% | 0.00% | |
| Singapore dollar | -0.00% | 0.00% | |
| New Taiwan dollar | -0.05% | 0.00% | |
| Far East Bloc Subtotal | -0.04% | 0.00% |
Benchmark : J.P. Morgan Emerging Markets Bond Index Global
| Currency Diversification | % of Portfolio | % of Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Egyptian pound | 0.50% | 0.00% | |
| Indonesian rupiah | 0.25% | 0.00% | |
| Argentinian peso | 0.03% | 0.00% | |
| Philippine peso | 0.02% | 0.00% | |
| Serbia dinar | 0.02% | 0.00% | |
| Kenyan shilling | 0.01% | 0.00% | |
| New Ghana cedi | 0.01% | 0.00% | |
| Offshore Chinese renminbi | 0.00% | 0.00% | |
| Dominican peso | 0.00% | 0.00% | |
| Indian rupee | 0.00% | 0.00% | |
| Israeli shekel | -0.00% | 0.00% | |
| Brazilian real | -0.24% | 0.00% | |
| Emerging Markets Bloc Subtotal | 0.60% | 0.00% |
Benchmark : J.P. Morgan Emerging Markets Bond Index Global
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Holdings information and other breakdowns (such as country and currency) are related to those of representative portfolio ("Portfolio"). The Portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative portfolio shown may differ from those of other accounts in the strategy. Please see the GIPS® Disclosure page for additional information on the composite.
The specific securities identified and described above do not represent all of the securities purchased, sold or recommended for advisory clients and no assumptions should be made that investments in the securities identified and discussed were or will be profitable.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright © 2020, J.P. Morgan Chase & Co. All rights reserved.
Michael Conelius is a portfolio manager in the International Fixed Income Division. He co-manages the Emerging Markets Bond and the Institutional Emerging Markets Bond Funds and is chairman of each fund’s Investment Advisory Committee. Michael is an executive vice president of the Global Funds and International Funds, a vice president and an Investment Advisory Committee member of the Global Multi-Sector Bond Fund, a vice president of the Institutional Income Funds and Multi-Sector Account Portfolios, and a member of the Distressed Advisory Committee. He also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price Trust Company, and T. Rowe Price International Ltd.